Federal Reserve Governor Lisa Cook’s lawsuit against Donald Trump challenges his ability to remove her from office, but only briefly addresses the central accusations that she committed mortgage fraud.

One part of the documents filed in the suit suggests that the issue at hand regarding documents Cook submitted for home loans may have been caused by a “clerical error” on her part and asserts that even if a mistake was made it does not rise to an offense that would justify removing her from office.

The complaint mostly focuses on rules outlined in the Federal Reserve Act that state Fed officials can only be removed for “cause,” a legally nebulous condition that may have to be determined by the Supreme Court.  (CNBC - Continue Reading)

The U.S. economy grew at a faster pace than previously thought in the second quarter, helped by healthy consumer spending and signs of spending on the booming AI sector.

Gross domestic product expanded at a seasonally and inflation-adjusted annual rate of 3.3% in the quarter, the Commerce Department said in an updated estimate Thursday. The Department had previously said the economy grew by 3%. The economy’s growth reflected in part a drop in imported goods after companies front-loaded purchases earlier in the year to get ahead of new tariffs. Trade can cause swings in quarterly growth because of the way GDP is calculated.   (WSJ - Continue Reading)

Nvidia CEO Jensen Huang says US tech companies can’t be left out of the China market and that they need to serve as a worldwide standard, akin to how the US dollar is the world’s top reserve currency.

“[President Trump] understands that the American tech stack should be the world standard. Just as the American dollar is the world standard that economies are built on, we want the American tech stack for the world’s technology and industries to be built on, and that includes China,” Huang told Yahoo Finance during an interview following the company’s second quarter earnings.  (AOL - Continue Reading)