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udge Jia Cobb granted Fed Governor Lisa Cook a preliminary injunction, allowing her to remain in office while her lawsuit against President Trump, the Fed Board, and Chair Jerome Powell proceeds. Cook, who was fired last month over alleged mortgage‑fraud claims from 2021, argues she was removed without “for‑cause” under the Federal Reserve Act and that Trump violated her Fifth Amendment rights. The ruling notes that the alleged misconduct occurred before Cook began her Fed tenure in 2022, and the DOJ has appealed.

    The Bureau of Labor Statistics has revised the U.S. employment figure downward, reporting 911,000 fewer jobs added between March 2024 and March 2025 than initially estimated. This revision follows a weaker August jobs report (22,000 jobs versus a 75,000 forecast) and a downward adjustment of June‑July data. The Fed, which watches labor market strength closely, may use the weaker numbers to justify a short‑term rate cut in September. Chair Powell has signaled openness to a September cut, and the Fed’s next meeting is slated for Sept. 16‑17.

    President Trump’s nominee to replace former Fed Governor Adriana Kugler, Stephen Miran, has moved forward in the Senate Banking Committee. The committee advanced his nomination in a party‑line vote on Sept. 10, and a full Senate vote could allow Miran to join the Fed board in time for the Sept. 16‑17 meeting. Miran, currently chair of the White House Council of Economic Advisers, faces questions from Democrats about whether he will take an unpaid leave or resign if he completes Kugler’s term, which ends in January 2026. Senator Elizabeth Warren criticized the nomination as part of Trump’s effort to stack the Fed with loyalists and potentially undermine its independence.

    The Department of Labor’s Office of Inspector General announced it will review how the BLS collects and reports data following Trump’s unsubstantiated claim that the agency had “manipulated” employment figures for political purposes. Trump had previously fired former BLS Commissioner Erika McEntarfer after the August jobs report.

    In Washington, the Fed’s upcoming decision on short‑term rates will likely weigh the revised labor market data. The BLS’s downward revision, combined with the weak August report, strengthens the case for a September rate cut. Meanwhile, Cook’s legal battle continues, and Miran’s confirmation could reshape the Fed’s composition ahead of the next policy meeting.