WASHINGTON (AP) — The Federal Reserve's governing board unanimously approved the reappointment of nearly all of the Fed's 12 regional bank presidents, a group that has come under scrutiny by the Trump administration. The Fed's board approved the reappointment of 11 of the presidents, with the only exception being the Atlanta Fed, where current president Raphael Bostic is stepping down at the end of the February and a new president hasn't been named. The regional bank presidents all serve five-year terms ...

The U.S. Supreme Court announced on Wednesday that it will hear arguments on January 21 in President Donald Trump's attempt to remove Federal Reserve Governor Lisa Cook, a move without precedent that challenges the central bank's independence. ...

Geopolitical Developments - Russia reported the downing of 75 Ukrainian drones, indicating ongoing volatility and human cost in the conflict, which may influence energy markets and defense sector outlooks [2][8] Commodity Market Insights - China has purchased approximately 120,000 tons of US wheat across two cargoes for December delivery, highlighting continued demand from China and potentially impacting global grain prices and trade relations [3][8] Economic Policy and Investment Climate - Argentine President Javier Milei rejected investor calls to allow the peso to float freely, suggesting a continuation of currency controls that may affect foreign investment flows and the broader economic reform agenda [4][8] - JPMorgan Chase & Co. CEO Jamie Dimon indicated that Argentina might not require a bank loan, suggesting a potentially improving financial position for the country [5][8] - Dimon emphasized the importance of the Federal Reserve's independence for market stability and confidence in U.S. monetary policy [5][8]

Core Points - The U.S. Supreme Court will hear arguments regarding Donald Trump's attempt to remove Federal Reserve Governor Lisa Cook, marking the first time a president has sought to fire a Fed official, which poses a challenge to the independence of the central bank [1] Group 1 - The case represents an unprecedented action by a sitting president against a Federal Reserve official, highlighting tensions between the executive branch and the central bank [1] - The outcome of this case could have significant implications for the future of Federal Reserve governance and its operational independence [1]

Core Viewpoint - The court is set to determine if President Trump has the authority to remove Lisa Cook from the Federal Reserve's board, which is perceived by former officials as a potential threat to the independence of the central bank [1] Group 1 - The decision regarding Lisa Cook's position on the Federal Reserve's board is significant for the future governance of the central bank [1] - Former officials express concerns that such a removal could undermine the autonomy of the Federal Reserve [1]

Core Points - Every living former chief of the Federal Reserve has joined other prominent figures to support Fed governor Lisa Cook in her legal dispute with President Donald Trump [1] Group 1 - The brief filed with the Supreme Court signifies a strong backing for Lisa Cook from influential figures in the financial sector [1]

Steven Myron is the chairman of the president's council of economic adviserss. He served as an economic adviser to the Treasury Department under Steven Minutian during President Trump's first term. He was also a senior strategist at Hudson Bay Capital Management. Myin is credited as being one of the authors of Trump's tariff policy and a key architect of the president's economic agenda. He has also been linked with the push for the so-called Mara Lago currency accord based on a paper he wrote outlining vari ...

Group 1: Mortgage Industry Insights - The issue of "occupancy fraud" in residential lending is gaining attention, with notable figures involved in discrepancies regarding primary residence claims [1] - Freddie Mac and Fannie Mae are losing market share to non-Agency channels, indicating a shift in the mortgage landscape [6] - The introduction of the Uniform Appraisal Dataset (UAD) 3.6 by Fannie Mae and Freddie Mac aims to improve data standardization and streamline the appraisal process, with a limited production period starting September 8, 2025 [8] Group 2: Market Trends and Economic Indicators - Mortgage rates have reached new year-to-date lows, with the 30-year and 15-year rates falling to 6.26% and 5.41% respectively, although they remain higher than a year ago [15] - Initial applications for jobless benefits in the U.S. have decreased, suggesting a stable employment outlook which may impact future interest rate decisions by the Fed [13] - The bond market experienced a sell-off following Fed Chair Powell's cautious stance on inflation, indicating potential volatility in investor sentiment [12]

Corporate Developments - General Mills (GIS) reported quarterly sales that exceeded estimates, but shares declined due to warnings about a challenging consumer environment [6] - Cracker Barrel (CBRL) is under scrutiny following controversy over its now-abandoned logo change, with results being closely watched [6] - Nvidia (NVDA) shares fell by 1.5% in premarket trading after reports that China has instructed major tech companies, including Alibaba, not to purchase its AI chips, effectively banning tens of thousands of orders [5] Economic Indicators - The interest rate on a 30-year mortgage has dropped to its lowest level since October 2024, leading to a nearly 60% increase in refinancing applications, the highest since March 2022 [5]

Group 1 - A US appeals court has blocked former President Trump's attempt to remove Fed Governor Lisa Cook, which reinforces the independence of the central bank [1] - TikTok is moving closer to establishing US-based operations as Oracle reportedly joins a consortium amid ongoing US-China discussions [1] - The first US meme coin ETF, DOJE, is preparing to debut, indicating a growing interest in cryptocurrency investment products [1]