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🏛️ Fed Showdown
In a dramatic split-screen for the U.S. central bank, an appeals court blocked President Trump's move to oust Federal Reserve Governor Lisa Cook just as the Senate confirmed his own nominee, Stephen Miran, to the board.
The whirlwind of events comes just as the Fed begins a high-stakes meeting to decide on cutting interest rates.
Why it matters: The rulings create a tense backdrop for this week's policy decision, highlighting the White House's intense pressure campaign on the Fed to aggressively lower borrowing costs and reshape its leadership.
"The president lawfully removed Lisa Cook for cause. The administration will appeal this decision and looks forward to ultimate victory on the issue."
Driving the news ⚖️:
A U.S. Court of Appeals panel ruled 2-1 to allow Cook to remain a governor. Cook has denied the accusations.
The court's majority noted Cook has a "strong likelihood of success" in her case, arguing she was not given proper due process.
Within minutes, the Senate confirmed Miran in a knife-edge 48-47 vote, giving him a seat at the table for this week's rate-setting meeting.
"Mr Miran will be nothing more than Donald Trump's mouthpiece at the Fed".
The bottom line: The Fed's independence is under an intense spotlight. With Cook staying for now and Miran newly installed, this week's decision will be one of the most politically charged in recent memory.
🤝 TikTok's Algorithm Stays
Why it matters: In a significant development, Beijing has stated that the new U.S. entity for TikTok will use the parent company ByteDance's Chinese algorithm, a core point of contention in the long-running geopolitical battle over the app.
🌍 The big picture: American and Chinese officials reached a framework agreement after talks in Madrid, paving the way for a deal that keeps the app online in the U.S..
The agreement appears to be a licensing deal for the algorithm, something U.S. national security hawks had strongly opposed.
How it Works: The new U.S. TikTok entity will use at least a portion of the Chinese algorithm but will train it in the U.S. on American user data.
U.S. Stance: Previously, U.S. officials insisted that any deal must ensure TikTok's recommendation algorithm is fully severed from ByteDance. They feared the code could be manipulated to push Chinese propaganda or polarizing content.
Who's Buying: President Trump said his administration is talking to a "group of very big companies" about a purchase.
A previous proposal included investors like Andreessen Horowitz, General Atlantic, and Susquehanna, with Oracle taking a small holding to secure the app's U.S. data.
⚖️ Trump Sues NYT for $15 Billion
Why it matters: This lawsuit marks Donald Trump's fourth multibillion-dollar legal challenge against a major U.S. news organization since March 2024, escalating his long-standing battle with media outlets.
"The Times has betrayed the journalistic ideals of honesty, objectivity, and accuracy that it once professed."
Driving the news: The former president filed a defamation lawsuit in a Florida district court against The New York Times, accusing the paper of spreading "false and defamatory content" and seeking at least $15 billion in damages.
The big picture: Trump's lawyers allege the newspaper is not an objective news source but rather a "mouthpiece" for the Democratic party and has engaged in a "decades-long pattern... of intentional and malicious defamation".
The suit also accuses the NYT of election interference.
"[The Apprentice] represented the cultural magnitude of President Trump's singular brilliance, which captured the zeitgeist of our time."
The backdrop: This is part of a broader legal strategy for Trump.
📰 He previously sued ABC News and CBS News, which both settled. The settlements involved payments of $15 million to Trump's future presidential library and another $1 million for legal fees.
🗞️ In July, he sued The Wall Street Journal for $10 billion.
Previous lawsuits against the NYT in 2020 and 2021 were dismissed. The 2020 case over an opinion column was dismissed as "protected speech".