Asia shares slip, dollar steadies ahead of Jackson Hole
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Sydney Morning Herald
18 minutes ago
- Sydney Morning Herald
‘Must resign now': Trump pushes Fed governor to quit after fraud allegations
President Donald Trump called on Federal Reserve governor Lisa Cook to resign after a staunch ally called for an investigation of the board member's mortgages, intensifying his campaign on the central bank. Federal Housing Finance Agency Director Bill Pulte urged Attorney General Pam Bondi to investigate Cook over a pair of mortgages, the latest in a series of moves by the Trump administration to increase legal scrutiny of Democratic figures and appointees. Cook was nominated to the Fed by former President Joe Biden. Trump said Wednesday that Cook 'must resign now,' citing Pulte's allegations, while the FHFA head posted on social media that the accusations give Trump 'cause to fire' her. The dollar declined, yields pared losses and gold rose after Trump's call for Cook's ouster. Pulte wrote a letter to Bondi and Justice Department official Ed Martin on August 15 suggesting that Cook may have committed a criminal offence. The letter, which was first reported by Bloomberg News, alleges that Cook 'falsified bank documents and property records to acquire more favourable loan terms, potentially committing mortgage fraud under the criminal statute.' The Justice Department has received the letter, according to an official, who declined to elaborate further. A resignation would create another opening for Trump to fill on the Fed board, potentially tipping the balance of Republican appointees to four of its seven members. The president has explicitly said that he'll only pick a successor to Fed Chair Jerome Powell who agrees that borrowing costs should come down, a demand that has already raised questions about whether a new chair can credibly preserve the bank's independence. Loading Trump's administration has also pursued mortgage fraud allegations against high-profile Democrats, including California Senator Adam Schiff and New York Attorney General Letitia James. Both are longtime political foes of Trump. The Cook referral expands that effort to the Fed, as Trump allies — including Pulte — press the US central bank to lower rates and Powell to resign before his term as chair expires in May.
The Age
18 minutes ago
- The Age
‘Must resign now': Trump pushes Fed governor to quit after fraud allegations
President Donald Trump called on Federal Reserve governor Lisa Cook to resign after a staunch ally called for an investigation of the board member's mortgages, intensifying his campaign on the central bank. Federal Housing Finance Agency Director Bill Pulte urged Attorney General Pam Bondi to investigate Cook over a pair of mortgages, the latest in a series of moves by the Trump administration to increase legal scrutiny of Democratic figures and appointees. Cook was nominated to the Fed by former President Joe Biden. Trump said Wednesday that Cook 'must resign now,' citing Pulte's allegations, while the FHFA head posted on social media that the accusations give Trump 'cause to fire' her. The dollar declined, yields pared losses and gold rose after Trump's call for Cook's ouster. Pulte wrote a letter to Bondi and Justice Department official Ed Martin on August 15 suggesting that Cook may have committed a criminal offence. The letter, which was first reported by Bloomberg News, alleges that Cook 'falsified bank documents and property records to acquire more favourable loan terms, potentially committing mortgage fraud under the criminal statute.' The Justice Department has received the letter, according to an official, who declined to elaborate further. A resignation would create another opening for Trump to fill on the Fed board, potentially tipping the balance of Republican appointees to four of its seven members. The president has explicitly said that he'll only pick a successor to Fed Chair Jerome Powell who agrees that borrowing costs should come down, a demand that has already raised questions about whether a new chair can credibly preserve the bank's independence. Loading Trump's administration has also pursued mortgage fraud allegations against high-profile Democrats, including California Senator Adam Schiff and New York Attorney General Letitia James. Both are longtime political foes of Trump. The Cook referral expands that effort to the Fed, as Trump allies — including Pulte — press the US central bank to lower rates and Powell to resign before his term as chair expires in May.
AU Financial Review
36 minutes ago
- AU Financial Review
ASX to edge up, S&P 500 pares early losses
Australian shares are set for a modest opening advance. In contrast, tech selling persisted on Wall Street and the S&P 500 initially tumbled led by the sector that's propelled the rally from early April. Still, the tide turned during the session and Wall Street significantly pared its losses with the Dow turning mildly positive late. Nerves are fraying in part because of a renewed attack on the Federal Reserve by President Donald Trump and his allies, as well as uncertainty before a key speech by Fed chairman Jerome Powell on Friday (Saturday AEST). Most Federal Reserve officials highlighted the risk to inflation as outweighing concerns over the labour market at their meeting last month, as tariffs fuelled a growing divide within the central bank's rate-setting committee, Bloomberg reported. Officials acknowledged worries over higher inflation and weaker employment, but 'a majority of participants judged the upside risk to inflation as the greater of these two risks,' the minutes of the Federal Open Market Committee's July 29-30 meeting said. Market highlights ASX 200 futures are pointing up 22 points or 0.3 per cent to 8901. All US prices near 3.55pm New York time. Today's agenda NZ will release July trade data at 8.45am AEST, while August PMIs are expected from Australia at 9.30am AEST, then through the day Japan, the UK, Eurozone and the US. Australian August consumer inflation expectations are set for release at 11am AEST. Late Thursday, weekly US jobless claims will be released and the Fed's Jackson Hole, Wyoming three-day gathering of global central bankers begins. The full agenda of the Fed gathering, sponsored by the Kansas City Fed, will be available at on Thursday at 8pm Eastern US time (10am AEST Friday) Federal Reserve Chair Jerome Powell's remarks will be streamed on the Kansas City Fed's YouTube channel, on Friday, August 22, at 10am Eastern US time (12am AEST Saturday). Top stories Children with mild autism removed from NDIS to fix the budget | The government is taking budget repair seriously, announcing plans to rein in the ballooning costs of the NDIS and tackling the pension deeming rate. Push to give 2m office workers a WFH 'bias' | In a major test case that will set the standard for white-collar workers, unions want to extend Commonwealth WFH rights to the private sector. | Treasurer Jim Chalmers has said he will consider adjusting the test to remove barriers for long-term investments in housing and clean energy.
