All right, joining us now, NBC News business and data correspondent Brian Chung. Also with us here on set, Axio senior economic reporter Courtney Brown. Brian, I'm going to start with you.For those of us who've been just overwhelmed and maybe on holiday or maybe just can't handle it anymore, can you please remind us what tariffs are in question here. Which ones this ruling uh cover and and what could be impacted. >> Yeah, Christina, this this did happen very late on Friday as people were beginning the their ...

Let's take a look at the state of the consumer now with two regional bank CEOs coast to coast. Joining us now is Ira Robin, CEO of Valley Bank, which is more centered on the east coast, and Brent Beardall, CEO of WAFED, more on the west coast. Thank you both for joining us.Um Brent, let's start with you. Uh in terms of the state of the consumer, we heard a report from Sharon Eper last hour which talked about basically the the difficulty that consumers are having on all ends of the income spectrum in paying ...

All things being equal, greater political influence over the Fed will raise interest rates because of the extra risk of bad decisions. Given Donald Trump’s wishes, the irony is obvious https://t.co/aNk12cjN1h ...

Trade & Tariffs - The US imposed a 50% tariff on India, impacting goods like drugs, jeans, textiles, and jewelry, while smartphones are exempted [1][2][3][5] - The tariffs on India are partly due to India's purchase of Russian oil, which the US sees as fueling Putin's war in Ukraine [2] - The US administration celebrates tariff revenue, which is about $110 billion this year, but this revenue ultimately comes from American companies and consumers [8] - The tariff revenue could generate trillions of dollars over the coming decade, potentially offsetting revenue loss from tax cuts [10] - Tariffs can have a positive fiscal effect but also a negative economic and questionable foreign policy effect [12] Federal Reserve & Economic Policy - The President has been critical of the Fed chairman for not lowering interest rates, which he believes would spur the economy and lower housing costs [15] - Lowering interest rates could raise inflation, which is a concern for many economists [16] - The President's pressure on the Fed is seen by some as an effort to distract from economic concerns [19] - The Federal Reserve is designed to be a shock absorber for the American economy, independent from political influence [21][22] - Political pressure on the Fed threatens its independence and could lead to premature interest rate cuts, potentially pushing up inflation [25][27] - The Treasury Secretary claimed inflation has plummeted to 19%, but the official inflation reading is a little more than 27% [28][31]

Political Influence on Institutions - The analysis suggests a pattern of exerting control and consolidating power within the presidency [3] - Actions such as criticizing the Federal Reserve's decisions are interpreted as attempts to influence interest rates to boost equity prices [1] - Scrutiny of individuals like Lisa Cook is framed as a pretext, with the underlying motive being control rather than addressing specific allegations [1] Parallels in Actions - Sending National Guard troops to Washington DC is compared to other actions, suggesting a common theme beyond the stated reasons [2] - Attacking universities and demanding large payouts is viewed as more than just combating anti-semitism [2] - Punishing law firms is seen as unrelated to diversity, equity, and inclusion initiatives [2]

When it comes to Fed Governor Lisa Cook, her lawyer has said that they're going to be filing a lawsuit challenging this legal action. What is your response. Are you prepared for a legal fight.And then a little bit more. Oh, sure. Always have legal fights.Look, I had a legal fight that went on for years with crooked people with very horrible people. People that have been found out now between John Ratcliffe and Tulsi and Pam and I mean the things that we found out. Of course, it's a very, very sad group of p ...

Fed Policy & Interest Rates - The market interprets Fed Chair J Pal's statements in Jackson Hole as widening options, suggesting a rate cut could be considered based on recent data, but it was not a commitment [10][11] - A rate cut is worthy of consideration by the committee [10] - The committee is likely to wait for the total data picture in mid-September before making decisions [9] Lisa Cook Situation & Fed Credibility - The situation surrounding Lisa Cook's potential removal is a distraction and a sideshow that is not good for the credibility of the Fed and its focus on mandated objectives [6] - Lisa Cook is expected to resist the dismissal, claiming it is wrongful termination, potentially with the Fed's backing [5] - The White House believes they have the authority in this situation [5] - The central question revolves around the definition of "for cause" and whether it applies to actions before Senate confirmation [2] Market Reaction - The market's lack of strong reaction to the Lisa Cook situation is not surprising, as it is seen as part of a pattern of actions designed to pressure the Fed to lower interest rates [7] - The market may be waiting to see how the situation plays out, considering Lisa Cook is just one vote on the FOMC [8] Economic Data - The economic picture is mixed, with some good numbers in capital goods orders [9] - There is a need to avoid overreacting to one labor report, with more data to come in September [9]

Fed Independence & Political Interference - Trump's attempts to influence the Fed by criticizing officials and attempting to remove Cook are unprecedented and potentially illegal [2] - These actions raise concerns about the central bank's ability to remain independent from daily politics [2] Potential Economic Consequences - The situation has potentially huge consequences for the US economy and Americans [2] - The core issue revolves around interest rates, with Trump desiring lower rates [1] Personnel & Legal Challenges - Cook states she will not resign and will continue her duties [2] - Cook's attorney will file a lawsuit challenging the firing attempt, citing a lack of factual or legal basis [2]

We can't reach fraud in America and you surely can't have it for your leaders. I mean, imagine anyone in the cabinet who did this. You guys would be calling for their head.This woman should go away if she's committed the mortgage fraud. And those signatures sure as heck look like hers. Irony is Mhm.dead. Yeah. Dead.Like, bring the flowers. put it on the grave. I mean, really.Yeah. Really. That's kind of like going after Bolton for mishandling classified documents.Irony is dead. Yes. And this is this concept ...

Uh, Mr. . Secretary, I I do need to pivot to a different question around Lisa Cook, uh, governor at the Fed, who has been fired by the president for cause. The qu she says she's not going and that he doesn't have the authority to do such a thing.You're obviously in the administration close to the president. Also understand how the wheels of just the machinery of the government work. Um, who who pays her paycheck, for example.Is that something that has to come directly from the Fed. Is that something that Ch ...