Bloomberg Daybreak: US Edition Fed's Cook Defies Trump Pressure; Jackson Hole Conference Starts
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Aug 21, 2025 Federal Reserve Governor Lisa Cook stands her ground against pressure from former President Trump over mortgage fraud allegations. Meanwhile, U.S. stock futures show promise for tech shares after market downturns, as all eyes turn to the upcoming Federal Reserve symposium at Jackson Hole. In international news, Vice President JD Vance shares insights on negotiations to end the war in Ukraine, focusing on territorial and security guarantees. Political tensions continue to shape economic policy and market reactions.
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Fed Pressure Intensifies Over Cook
- President Trump escalated pressure on the Fed by calling for Governor Lisa Cook to resign amid mortgage-fraud allegations.
- Cook publicly said she will not be bullied into stepping down from her position.
Cook Exit Would Shift Fed Balance
- If Governor Cook left, President Trump could potentially secure a majority on the seven-member Fed Board of Governors.
- That shift would increase the White House's long-term influence over Fed appointments.
Jackson Hole Focuses On Fed's Future
- The Jackson Hole symposium is drawing global central bankers and could become more about the Fed's future than academic papers.
- Officials like Lagarde and Bailey attending may highlight discussions on central bank independence.