On July 3, U.S. President Trump announced that he would begin the process to remove Federal Reserve Governor Cook from the Federal Reserve.
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Trump to Initiate Process to Remove Fed Governor Cook
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U.S. July Nonfarm Payrolls Fall by 23,000, Missing Market Expectations
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US May and June Nonfarm Payroll Additions Revised Down by 103,000 Combined
On August 7, the US Bureau of Labor Statistics: May nonfarm payroll additions were revised down from 129,000 to 63,000; June nonfarm payroll additions were revised down from 57,000 to 20,000. After the revisions, the combined additions for May and June were 103,000 lower than previously reported. -
U.S. Rate Futures Market Sees Lower Odds of Fed September Hike
On August 7, the probability of a Fed rate hike in September as priced by U.S. interest rate futures declined. -
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Japan Finance Minister: FX Market Affected by Moves Not Driven by Actual Demand
Japanese Finance Minister Satsuki Katayama said she and U.S. Treasury Secretary Bessent agreed that the foreign exchange market has been affected by moves not driven by actual demand. -
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Trump: Data Centers May Be More Important Than Oil
August 7 news, U.S. President Trump said in an interview with Punchbowl News, "I saw the other day that Texas seems to be opposed to building data centers. I think that's a mistake. I'm not taking a position—I just think it's a mistake, because there are other communities that want to build data centers. When a community is willing to accept data centers, it means a lot of money will flow into that community. I don't think they're ugly. Some of the data centers I've seen are the most incredible buildings I've ever seen. They are very important to the economy. If Texas says no to data centers, that's a mistake, because data centers may be more important than oil." -
Trump to Meet with Mining Executives
On August 7, according to CCTV International News, US President Trump will convene executives from some of the world's largest mining companies at the US State Department on August 7 local time, in an effort to take action to 'secure critical mineral supplies for the US and its allies.' Reuters reported that the US urgently needs critical minerals to replenish weapons inventories depleted during the war against Iran. During the more than five-month war with Iran, the US military expended large quantities of precision-guided missiles and air defense interceptors. US defense officials and lawmakers have warned that given existing production capacity constraints, replenishing some stockpiles could take years—although the Trump administration has denied reports of a so-called 'severe shortage of ammunition stockpiles.' According to Pentagon officials and defense companies, supplies of minerals such as rare earths, tungsten, germanium, and scandium are essential for manufacturing precision-guided missiles, fighter jets, armored vehicles, infrared sensors, and other advanced weapons systems. Expected attendees include industry giants such as global mining giant Rio Tinto Group, Australia's BHP, US Freeport-McMoRan, US Mountain Pass Materials, US Rare Earths, US Energy Fuels, and Canada's Metals Company. According to sources, the Trump administration plans to announce multiple deals and memorandums of understanding. -
US Regulators Systematically Review Chinese AI Firms' Third-Country Computing Power Leasing
August 7 news, according to Bloomberg, people familiar with the matter revealed that the U.S. government department responsible for investigating chip export control violations is reviewing Chinese AI companies' leasing of computing power in third countries to obtain Nvidia advanced chips.
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