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White House revives unprecedented effort to remove Fed governor Lisa Cook AxiosTrump Restarts Battle to Fire Sitting Fed Governor Lisa Cook The New York TimesTrump renews effort to fire Fed governor Lisa Cook after Supreme Court ruling The Washington PostTrump renews effort to fire Fed's Cook, continuing attacks on central bank Reuters
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Senate passes bill to fund government in bid to avert shutdown ahead of midterm elections CNNSenate Passes Stopgap Bill to Avert Shutdown, Avoiding Skirmish Before Midterms The New York TimesSenate passes bill to avert government shutdown before midterm elections The Washington PostSenate embarks on recess after funding government and confirming Blanche, punting other priorities The Hill
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Two months after he was blocked by the Supreme Court, President Donald Trump has resumed his effort to oust Federal Reserve governor Lisa Cook as part of an effort to stack the central bank's board with more allies.
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Officials at the Federal Reserve are chiefly focused on the trajectory of inflation after five years of overshooting the central bank's 2 percent target.
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Mortgage activity in the U.S. has contracted for consecutive weeks. In the week ended April 26, the mortgage activity composite index slid 2.3% following a 2.7% fall the week before. Refinancing fell 3.3% while purchase applications dropped 1.7%. Inflation's stubbornness in the first quarter of 2024 has led investors to conclude that the Federal Reserve's first rate cut might not be coming this year. This has buoyed interest rates such as the 30-year fixed-rate mortgage. In the week ended April 26, the 30-year fixed rate rose 5 basis points to 7.29%, its highest since November.
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