August 28, 2025: Lisa Cook Files Lawsuit, O'Neill Named Interim CDC Director, More

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Episode Transcript

Speaker 1 (00:01):
News when you wanted With Bloomberg News Now, I'm Doug Prisner.
Fed Governor Lisa Cook is suing President Trump over his
attempt to fire her given claims she lied on mortgage applications.
On Thursday, Cook's lawyer said an unintentional clerical error may
have been behind this discrepancy. Bloomberg Law host June Grosso
says Cook does have standing to challenge the president.

Speaker 2 (00:23):
What she says in the complaint is and this is
what we knew was going to happen. That the president
needs cause to fire her that really hasn't been defined
in the Federal Reserve statutes. But she says he doesn't
have cause. What happened here happened before alleged mortgage fraud,
before she was even in office, and that it doesn't
constitute neglect, malfeasance, or dereliction of duty.

Speaker 1 (00:46):
You can hear more from June Grosso on the Bloomberg
Intelligence podcast.

Speaker 3 (00:50):
Now.

Speaker 1 (00:50):
Cook is following through on the vow to fight to
finish her term that expires in twenty thirty eight. Today,
she asked a judge to quickly issue an order blocking
the effort to remove her while this case moves forward.
A hearing is scheduled for ten am tomorrow. Health and
Human Services Secretary Robert F. Kennedy Junior is calling for
an overhaul of the Centers for Disease Controls. Speaking today

(01:13):
on Fox News, Kennedy said the agency isn't in step
with President Trump's policies and it must be reshaped.

Speaker 4 (01:20):
The agency is in trouble and we need to fix it,
and we are fixing it, and it may be that
some people should not be working there anymore.

Speaker 1 (01:29):
HHS Secretary Kennedy speaking there to Fox News Now. His
remarks come one day after CDC Director Susan Manarez was
ousted in a clash over vaccines. Three top CDC officials
have also resigned in protest. Meantime, The Washington Post is
reporting that Deputy Health Secretary Jim O'Neil will serve as
acting CDC director. FED Governor Chris Waller says he will

(01:53):
support cutting the policy rate by a quarter point at
the FED September meeting, and he says more cuts are
lightly over the next six months. At the same time,
Waller set a half point cut in September isn't necessary.
Here is Waller speaking earlier at a conference hosted by
the Economic Club of Miami.

Speaker 4 (02:11):
Well, I judge that the FMC should have begun this
process in July based on the data in hand, I
don't believe that a cut of larger than twenty five
basis points is needed in September. Now, that view, of course,
could change, if the employment report for August, due out
a week from tomorrow points to a substantially weakening economy
and inflation remains well contained.

Speaker 1 (02:32):
FED Governor Chris Swaller, there by the way, he is
seen as a potential successor to FED Shair J. Powell
hopes for. As Alenski Putin's summit appear to be fading,
German Chancellor Friedrich Murrz told reporters on Thursday the meeting
apparently will not happen. Russia, meanwhile, unleashed drone and missile
attacks on Kiev. At least twenty one people were killed

(02:54):
in an apartment building and there was damage to an
EU office. Now, this assault was the second largest this year,
according to Bloomberg calculations based on Ukrainian Air Force data.
The White House condemned today's attack. Here is Press Secretary
Caroline Levitt.

Speaker 3 (03:09):
So the President is continuing to watch this intently, and
this killing, unfortunately, will continue as long as the war continues,
which is why the President wants it to end, and
that's why he's worked harder than anyone to end this war,
which would have never started if he were president. But
perhaps both sides of this war are not ready to
end it themselves.

Speaker 1 (03:28):
Press Secretary Caroline Levitt there now. The White House had
previously said it believed Putin agreed to a meeting with
the Ukrainian president, and it thought planning was underway. It
was just Tuesday when Trump warned of an economic war
if Russia and Ukraine did not end their conflict. The
European Union says it has followed through on its trade

(03:48):
agreement with President Trump, adopting draft rules to eliminate tariffs
on US industrial goods. Now this opens the door for
the US to cut tariffs on European autos and auto
hearts from the current twenty seven and a half percent
to fifteen percent, and this would be backdated to August first.
European Commissioned President Ursula vonder Lyon called the trade deal strong,

(04:12):
if not perfect. However, EU officials say they may However,
EU officials say they may revisit the agreement if President
Trump imposes new digital taxes or penalties. In NFL news,
Micah Parsons is headed to the Green Bay Packers after
a lengthy contract dispute with the Dallas Cowboys. Parsons and

(04:33):
the Packers have agreed on a record setting four year
contract worth one hundred eighty eight million dollars. And that
includes one hundred and thirty six million guaranteed. And that
is news when you want it with Bloomberg News. Now,
I'm Doug Prisoner, and this is Bloomberg