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| Hello, N2K’ers! | This week our world famous News HaikuTM theme is that the new ChatGPT will be ‘warmer and friendlier.’ Send me a haiku on the subject by Thursday at noon ET right here. Winner gets glory — lots of glory, and a GIF! | Now, let’s talk about the news you Need2Know? | —Matt Davis, Need2Know Chedditor | News You Need2Know | | If you like this newsletter, why not forward it to a friend so they can subscribe here? If you don’t, why not forward to an enemy? Thank you! |
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| | What’s the stock market up to, eh? | $SPX ( ▲ 0.41% ) $DJI ( ▲ 0.3% ) $NDX ( ▲ 0.44% ) | | Companies mentioned in today’s newsletter | $LUV ( ▲ 2.71% ) $CBRL ( ▲ 6.35% ) | | Embattled Fed Gov. Lisa Cook says she’ll sue | | Federal Reserve Governor Lisa Cook has declared her intent to sue the Trump administration over the president's attempt to fire her from her position at the Fed. Cook's lawyer, Abbe Lowell, said, “President Trump has no authority to remove Federal Reserve Governor Lisa Cook. His attempt to fire her, based solely on a referral letter, lacks any factual or legal basis.” | The controversy erupted after President Trump alleged on Truth Social that Cook engaged in "mortgage fraud," claiming she filed for favorable loan terms by misrepresenting her residences. Cook has denied the allegations, stating that Trump’s actions lack legal foundation. “President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” she said, emphasizing, “I will not resign.” | The dispute poses a challenge to the Federal Reserve’s political independence. As Columbia University law professor Lev Menand explained, “It’s an illegal firing, but the president’s going to argue, ‘The Constitution lets me do it.’” | The case could redefine legal limits on presidential authority over independent institutions. Cook’s case will likely test whether the courts uphold the Federal Reserve’s autonomy. Tell us how you feel in today’s poll |
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