Summary
Wall Street calmed down after initial reactions to President Trump's announcement that he plans to fire Federal Reserve Governor Lisa Cook. This move by Trump is causing concern as it could affect the independent nature of the Federal Reserve and may lead to legal challenges. Global markets mostly fell after the announcement, with notable declines in Europe and Asia.
Key Facts
- President Trump announced plans to fire Federal Reserve Governor Lisa Cook.
- Wall Street futures for major indices dropped slightly after the announcement.
- Trump cited mortgage fraud allegations linked to a regulator he appointed as the reason.
- Lisa Cook said she does not plan to resign from her position.
- Trump's action could lead to legal proceedings and affect the Fed's independence.
- Global markets, including those in Germany, France, and Japan, experienced declines.
- Traders widely expect the Federal Reserve to cut its benchmark interest rate soon.
- Boeing disclosed a substantial deal with Korean Air amid little change in its share price.
