You’re Fired! Assuming it is legal.

Wednesday 27th August July 2025

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President Trump posted an open letter to the Fed’s Lisa Cook saying she was removed from her position, effectively immediately. Legal proceedings will almost certainly follow, particularly ss she has not yet been charged with any crime, but, as NAB’s Taylor Nugent discusses on today’s podcast, markets have taken it in their stride, apart from a mild steepening in the yield curve.

Aside from that it’s been a quiet session. US consumer confidence data showed continued rising concerns over jobs, but not enough to impact markets, with equities back on the rise today. It’s another quiet session ahead, with Australian CPI the main local interest.

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