Hey #FinanceFam, big tea from Washington! 🇺🇸 President Donald Trump just dropped a bombshell by firing Federal Reserve Governor Lisa Cook, the first African-American woman on the Fed’s board. 🏦💥
In a letter, Trump claimed she misrepresented her primary residence when applying for mortgages in Michigan and Georgia back in 2021. Cook, who was appointed by former President Biden in 2022, shot back: ‘No cause exists under the law, and he has no authority…’ ⚖️💬
Why it matters for us in South Asia and Southeast Asia? Whenever the Fed chair or governors face drama, global markets feel it. On Tuesday, Dow futures slipped and Asian stocks from Mumbai to Manila took a hit. 📉
Central banks like the Fed set interest rates that trickle down to loan EMIs, credit card APRs, and even your gig-hustle budgets. So, when political power plays threaten the Fed’s independence, it can mean pricier loans or slower economic growth – stuff that directly impacts your wallet. 💸
Plus, Trump’s extra tweets about tariff threats and microchip export controls didn’t help calm nerves. For anyone saving up for the next-gen smartphone or planning a startup pitch deck, this rollercoaster is something to watch. 🎢📱
Keep your eyes peeled: Fed meets next month, and markets will be on red alert. Stay savvy, stay updated, and hit us up with your take! 🤓✨
Reference(s):
Trump orders dismissal of Fed Governor Cook, causing stocks to fall
cgtn.com
