We told clients mid-Apr Powell was uncharacteristically imprecise about whether serving out his "term" meant Chair (26) or Governor (28). Then, a connected FT commentator said Powell will "probably" stay thru 28. Today, Powell declined to answer. ft.com/content/e7140a…

Jennifer Jacobs On HOW firing unfolds, Trump sends Powell a letter, then what? Constitutional crisis? Powell sues, up to SCOTUS. He could stay meanwhile: Fed's internal police protects Powell, per PATRIOT Act. Trump's scope to march Powell out is unclear: Showdown? law.cornell.edu/uscode/text/12…

If Powell doesn't push back at Jackson Hole, will that be taken as tacitly endorsing market odds (for a Sep cut)? LHMeyer's Derek Tang weighs in. Message to discuss.

Trump can use the Fed Chair candidate list to meet with Fed officials who don’t support lowering rates. It just looks “a little more innocuous than just summoning them to the White House to tell them off to their face,” says LHMeyer's Derek Tang. MarketWatch

This marks a new escalation in attacks on Fed independence. Derek Tang Andrew Ackerman The Washington Post

There's no evidence of any actual misconduct here. Let me explain: It's true, designating a home as a primary residence, instead of a secondary home or investment property, can get borrowers lower interest rates because primary homes are seen as less risky to lenders. But real

Governor Cook’s statement: I learned from the media that FHFA Director William Pulte posted on social media that he was making a criminal referral based on a mortgage application from four years ago, before I joined the Federal Reserve.   I have no intention of being bullied to

Powell will likely keep his cards close to the check tomorrow at Jackson Hole. More from LHMeyer's Derek Tang here: S&P Global spglobal.com/market-intelli…

Oh, the politics. Derek Tang has lots to say on the topic, how it'll play out this weekend in Jackson Hole, and what it could mean for policy for years to come. Message to discuss.

Late July, we told clients how Trump could undermine the FOMC by naming enough governors to doubt or veto Fed president 5y renewals in 2026. Moves against Gov Cook this week could give Trump that veto. But a wildcard is if Waller and Bowman go along with any plan.

Hopefully Powell is understanding he may need to stay as governor past May through 2028 to preserve his legacy and Fed independence. Or at least keep that option alive until he sees how events unfold.

Derek Tang joined Sumi Somaskanda BBC to discuss President Trump attempting to fire Governor Cook.

The White House--in looking for even more ways to influence the Fed--is "turning every stone. Derek Tang Bloomberg

5 questions surrounding ousted Fed governor Lisa Cook, and what it could mean for the integrity of the Federal Reserve and the FOMC. LHMeyer's Derek Tang weighs in. The Hill Sylvan Lane

LHMeyer's Derek Tang weighs in.