Trump Removes Fed Governor Lisa Cook, Markets React

Benzinga

Donald Trump removed Federal Reserve Governor Lisa Cook, accusing her of deceitful and potentially criminal conduct. Cook disputes the claims and refuses to resign. Markets reacted with Nasdaq and S&P 500 futures slipping, along with SPY and QQQ ETFs. Investors are also watching Nvidia earnings and pricing in an 84% chance of a September Fed rate cut.

Transcript

00:00Trump just fired a Fed governor and Wall Street is a little shaken.

00:03Lisa Cook was removed from the Federal Reserve Board after Trump accused her of

00:08deceitful and potentially criminal conduct.

00:11But Cook says there's no legal cause and she refuses to resign.

00:16Markets immediately reacted, Nasdaq and S&P 500 futures slipped,

00:20and the SPY and QQQ ETF also slipped in pre-market.

00:24At the same time, investors are bracing for NVIDIA's massive earnings this week

00:29and a likely September Fed rate cut, with markets pricing in an 84% chance.

00:35This is one of the most dramatic shakeups in Fed history.

00:38Do you think Trump overstepped or was it justified?

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