Overview

• Trump posted a letter on Truth Social saying he found sufficient cause to remove Lisa Cook, alleging false statements on mortgage applications.
• The dollar fell 0.4% to 147.24 yen as the euro rose to $1.165, and the 10-year Treasury yield edged up to 4.2887%.
• Asian shares declined and U.S. stock futures retreated following the announcement.
• Traders still priced about an 84% chance of a September rate cut, according to CME FedWatch.
• The announced removal would open a seat that otherwise ran to 2038, raising the prospect of a reshaped Fed under for-cause constraints in law.