Judge Blocks Trump Bid to Fire Cook; President Trump Sues NY Times

Bloomberg Audio Studios, Podcasts, Radio News.
Good morning, I'm Nathan Hager and I'm Karen Moscow. Here
are the stories we're following today.
Karen, we begin with major developments at the Federal Reserve
ahead of tomorrow's expected rate cut. First, President Trump's bid
to fire FED Governor Lisa Cook has been blocked. Let's
get the very latest with Bloomberg's John Tucker.
An appeals court, by a vote of two to one,
has blocked the White House from removing Cook from her
pulse for now. The divided court at Washington affirmed that
Cook can continue working while her lawsuit challenging Trump's move
to dismiss her proceeds. The court held that the district
judge was correct to find that President Trump likely violated
Cook's due process rights by attempt to fire her via
social media post. While the decision means Cook will likely
attend the FED meeting, President Trump could still as the
Supreme Court to step in. Cook sued Trump last month
after the present that have moved to oust her over
allegations of mortgage fraud, which she denies. The lawsuit has
emerged as a major flashpoint in the growing clash between
the White House and the Fed, which has resisted Trump's
demands to lower interest rates. I'm John Tucker, Bloomberg Radio.
All right, John, thank you well. Lets Cook fights to
stay in her position. President Trump's economic advisor, Stephen Myrit
is on his way to joining the Federal Reserve Board.
The Senate confirmed him to the post in a vote
last night. Him again more with the Bloomberg Fed reporter
Chris Condon, he.
Could be renominated and confirmed to a new fourteen year
term that would begin on February one of twenty twenty six.
That's option one. Option number two as President Trump decides
he's just there for a temporary period and he chooses
someone else. Option number three is that Trump does nothing,
and in that case, Stephen Myron is fully entitled to
stay on as a FED governor so long as no
one else is confirmed into that seat. So he could
be there on quite an indefinite basis, let's say.
Bloomberg's Chris Condon says Myron will fill a seat recently
vacated by former Fed Governor Adriana Kugler and.
Karen These latest developments at the fedcom as stocks sit
at record highs ahead of today's meeting, we get another
key reading on the consumer retail sales for August, their
forecast to show a two tenths percent increase. We get
more from Bloomberg's Michael McKee.
American's confidence in the overall economy has dropped recently. The
question is will that have any effect on their spending.
We'll get the latest read on that today, and economists
expect the retail sales report to show we kept spending,
but at a slower pace. August is back to school month,
and that likely kept sales from dropping too much. The
weakness last month is seen largely as a pullback in
car buying. As expected, sales or even weaker will help
FED officials make the case for a rate cut at
their meeting on Wednesday. Michael McKee, Bloomberg Radio, Hi.
Michael, thank you. While the Security is an exchange commission
as prioritizing a proposal to reduce the frequency of corporate
earnings reports after President Trump called for an end to
quarterly reports, the SEC mandated for companies to report quarterly
in nineteen seventy, part of its decades long push to
increase transparency. Following the stock market crash in nineteen twenty nine.
The President says companies should report on a six month
basis instead of quarterly, which he claims will save money
and allow managers to focus on running their companies and Karen.
President Trump is targeting another major media company, filing a
fifteen billion dollar defamation and libel lawsuit against The New
York Times. We get the details from Bloomberg's Genus Cervetti.
President Trump is accusing the paper of serving as a
quote mouthpiece for the Democrats. The lawsuit criticizes The Times
endorsement of former presidential candidate Kamala Harris and cites the
papers news and opinion article. The case adds to Trump's
running battles with the press since returning to the presidency.
In July, he sued Dow Jones News Corp. And Rupert
Murdoch for libel, seeking ten billion in damages after The
Wall Street Journal published a story alleging that Trump once
sent a suggestive birthday letter to Jeffrey Epstein. Trump reached
a settlement with Paramount Global in July over a lawsuit
tied to CBS News Network's sixty minutes interview with then
Vice president Harris. In December, ABC agreed to give fifteen
million to Trump's future presidential foundation or museum to resolve
a separate defamation claim. Gina Servetti, Bloomberg Radio.
All right, Gina, thank you all. President Trump and the
First Lady will arrive in the UK later today, and
let's go to London and get the very latest with
Bloomberg's James Wilcock.
James, good morning, Good morning, Karen. The US President lands
in London later for three days of carriage processions, royal
salutes and estate banquets. But behind the pageantry is business
and diplomacy. Alphabets say they're investing nearly seven billion dollars
in Britain AI economy, and Bloomberg has learned the US
and the UK plan to announce a series of deals
worth more than ten million dollars. There are tensions though,
over the recent firing of the UK's ambassador to the
US over his ties to Jeffrey Epstein, comments from the
MAGA write about free speech in the UK, and over
the distance between the two allies on Ukraine. UK Prime
Minister Kiss Starmer hopes to use the visit to push
for progress on Ukraine, with the G seven hoping to
agree a Sanctus package. In coming weeks, we'll see how
far the pomp and ceremony translates into tangible results. In London,
James Wilcock, Bloomberg Radio.
All right, James.
Thanks.
In the Middle East, Secretary of State Marco Rubio has
arrived in Doha to meet with Kateri officials. It comes
after Rubio visited Israel and as the Israeli military ramps
up attacks on Gaza City in a major new offensive.
The Secretary of State says time is running out for
Hamas to reach a deal.
As you saw, the Israelis have begun to take operations there.
So we think we have a very short window of
time in which a deal could happen. We don't have
months anymore, and we probably have days and maybe a
few weeks. So it's a key moment.
Secretary of State Marco Rubio says the US wants Hamas
to negotiate, laid down its weapons and free hostages, but
quote it may require ultimately a concise military operation to
eliminate them.
Well, Nathan, we want to get the latest now. On
the aftermath of Charlie Kirk's killing. Prosecutors in Utah are
expected to file capital murder charges today against the suspected shooter.
Twenty two year old Tyler Robinson, is due for his
first court appearance today. Meanwhile, in Washington, House Speaker Mike
Johnson led a vigil for Kirk on Capitol Hill last night.
This has been a very difficult week in America. There's
a wide range of emotions that have been felt by
the American people and frankly by leaders in the nation's capital.
Speaker Mike Johnson on Capitol Hill. And while investigators are
still piecing together a motive, the Trump administration is promising
to investigate left leaning groups that it says are stoking
political violence. Attorney General Pam Bondi confirm that at the
White House.
First Amendment is one of our most important amendments. Of
course in our constitution. We will always protect the First Amendment.
But you cannot you cannot create violence, and that's what's happening.
Attorney General Pam Bondi is not saying what group she's
looking into, but President Trump said he'd support designating Antifa
as a domestic terrorist organization. He also said he'd consider
racketeering investigations against groups that support leftist protests.
And Finally, Karen, Bloomberg News is out with this year's
rankings of the best business schools around the world. For
the seventh year in a row, Stanford University comes out
on top of the best full time MBA program in
the US. The school is well known for its close
ties to Silicon Valley. This year, Stanford ranked number one
for networking and entrepreneurship and second in compensation overall. The
University of Pennsylvania's Wharton School came in second on the
Bloomberg list, followed by the Hosschool at Berkeley, Harvard Business
School and Northwestern's Kellogg School rounding out the top five.
You can find the.
Full list of best Business Schools for twenty twenty five
and twenty six on the Bloomberg terminal and at Bloomberg
dot Com.
Time now for a look at some of the other
stories making news in New York and around the world,
and for that we're joined by Bloomberg's Michael Barr. Michael,
Good Morning, Good morning, Karen.
Luigi Mangioni will be back in New York State Court
today with a judge set to rule on his motion
to dismiss and potentially set a trial date Mangioni, who
is twenty seven, is charged with gunning down United Healthcare
CEO Brian Thompson outside of Manhattan Hotel. New York Supreme
Court Judge Gregory Carrow is expected to decide on a
host of pre trial issues, including Nanngioni's arguments for tossing
the case and a terrorism charge. President Trump moles over
the potential of sending National Guard troops to Memphis. President
Trump says he feels and obligation to not lose cities
like Chicago and Memphis.
So we're not going to allow this kind of savagery
to destroy our society anymore, with stopping.
At doing one by one time, but we want to
go quickly.
Meanwhile, local officials and some lawmakers say the National Guard
presence is not needed. Democratic Congressman Steve Cohen, who represents Memphis,
says it would be more beneficial to have federal agents
who know policing methods to go into neighborhoods affect it
the most by crime.
They just hang.
Out around the train station and the Federal building and
maybe the Irs Center. Those are not places where we
have crime. So it's a show for him. It's the
Trump show. And he likes to do TV.
He likes to.
Produce, and he likes to look tough, and it's all
part of a bigger strategy to really the.
Authoritarian Congressman Cohen. The New York City Department of Health
has confirmed two adult cases of measles on the Lower
East Side and in Soho there have been at least
the team cases of measles in New York City this year.
Global News twenty four hours a day and whenever you
want it with Bloomberg News Now. I'm Michael Barm. This
is Bloomberg Carrot.
Thanks Michael.
Time now for our Bloomberg Sports updating. For that, we
bring in John Stashauer.
Thanks Daron Week too of the NFL. The entered a
coup of the games, starting with Tampa Bay rallying to
win twenty to nineteen. At Houston. The Texans had taken
the lead with two minutes left. The Bucks then win
eighty yards and eleven play scored the winning touchdown with
six seconds to go. The Chargers beat the Raiders in
Las Vegas twenty nine justin Herbert with a couple of
first half touchdown passes. The Phillies made it ten wins
in the last twelve games. They beat the Dodgers six
to five and tenanings. Kyle Schwarmer hit his fifty third
o run the Phillies of clinch the NL East. That's
your Bloomberg Sports update.
Stay with us. More from Bloomberg day Break coming up
after this.
Coast to coast on Bloomberg Radio, nationwide on Serious Exam
and around the world on Bloomberg dot Com and the
Bloomberg Business app. This is Bloomberg Daybreak.
Good morning, I'm Nathan Hager. The Federal Reserve opens up.
It's two day September meeting with one of President Donald
Trump's top advisors heading into vote. Stephen Myron, has been
confirmed to the Fed after a party line a Senate
vote and a warning from Minority Leader Chuck Schumer.
He has no independence, no sympathy for American non families
and businesses suffering from his policies, and a fundamental misunderstanding
of how the American economy works.
And that was Senate minoriti Leader Chuck Schumer speaking on
the Senate floor last night. This morning, we were joined
by Bloomberg's Valerie Titel, and a Valerie is just staggering
to think of how rapidly of Stephen Myron has been
confirmed to fill this vacant seat and what it could
mean for the rate decision coming tomorrow. Good morning, Hey.
Good morning, Nathan.
Yes, it definitely felt like it said at least some
sort of speed record for this confirmation. It took just
over a month from his nomination for him to be
confirmed in this as he was last night. But this
means that there is going to be a full house
of Fed governors at the decision that begins later today.
With the decision released tomorrow, it's one important thing to
watch because we still don't know how he is going
to vote and whether he's going to end up being
a dissenter when it comes to maybe wanting to keep
policy more loose than it already is. Remember, he is
a key backer of the President's economic agenda, has been
very vocal previously about his idea that tariff's don't cause
inflation and he is more worried about other parts of
the market instead. He also used the word tariff derangement
syndrome to express those on Wall Street who have been
calling for inflation to increase on the back of tariff
something he does not agree with. So he could be
a standout when it comes to how they vote tomorrow
in the decision. Maybe he'll be one voting for a
fifty bases point rate cut. But it also be very
interesting to see if he is an outlier on that
dot plot release their summary of economic projections and with
that famous dot plot that shows where every member of
the FMC sees interest rates over the next few years.
So if we do see a big outlying dot, it's
perhaps Steven Meyron.
You mentioned it's going to be a full FED board
that in some ways is a setback for President Trump,
of course, because he's been trying as hard as he
might to fire FED Governor Lisa Cook.
Yeah, Lisa Cook. It was decided by an appeals court
in a two to one ruling that she can't be fired.
Yet the court ruled that she can stay on as
governor while the case is underway. Now. It was interesting
the reasons why the judges said that she could stay on.
It was that Trump had violated due process by attempting
to fire her on social media and didn't give Cook
a proper notice. The judges didn't necessarily weigh in on
the debate of whether Trump has cause to dismiss her.
And this is important, Nathan, because this is the first
time a president has sought to dismiss a FED governor,
and by law they are permitted to do so if
they have a cause, but it's very vague in the
law what exactly entails cause, Whether mortgage fraud itself, if
this is deemed to hold true in Lilisa Cook's case,
whether that is cause enough to dismiss her. But this
is hotly watched for that reason. And the other reason
is because we want to know if whether Trump may
if Trump gets a majority of picks on the FED
governors by February. February is important because that's when the
FED governors assess and reconfirm the regional FED presidents and
their roles. There is some speculation that if Trump has
a majority of FED governor picks, that he could try
to interfere with the reconfirmation of FED regional president.
This is Bloombergy day Break, your morning podcast on the
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