The Latest Breaking News from Lisa Cook

The rate cut comes as Trump stages an unprecedented assault on independence of the Federal Reserve

Rates now stand at a range of 4% to 4.25% as reduction comes amid concern of political pressure on independent central bank from Trump

Mortgage fraud is back in the news. Lisa Cook, a Federal Reserve governor, is being investigated by the Department of Justice for allegedly making false statements when applying for a mortgage. Members of Donald Trump’s Cabinet are accused of similar wrongdoings. Could any of these people go to prison?

The commission also accused Benjamin Netanyahu of inciting genocide. Plus, Donald Trump files $15bn lawsuit against the New York Times

Markets will move on Wednesday after Wall Street parses Cook’s statement and his Q&A for clues about future rate cuts beyond Wednesday.

Trump failed to oust Fed Governor Lisa Cook and is unlikely to get the steep rate cut he demands, as Powell and the FOMC weigh weaker jobs data.

Editor’s Note: The future prices of benchmark tracking ETFs, the lede, and the latest economic releases were updated in the story.

Tyler Robinson makes virtual court appearance charged with seven counts including aggravated murder; next court date set for 29 September

The White House campaign to unseat Cook marks an unprecedented bid to reshape the Fed’s seven-member governing board, which was designed to be largely independent from day-to-day politics.