Don’t trust your own opinion and back your judgment until the action of the market itself confirms your opinion. — Jesse Livermore

1. Trump Says He Is Removing Fed Governor Lisa Cook — president Trump said he is removing Lisa Cook, a Joe Biden-appointed Federal Reserve governor, citing allegations that Cook submitted fraudulent information on mortgage applications. Trump’s decision comes days after Bill Pulte, the leader of the Federal Housing Finance Agency, alleged that in 2021 Cook sought mortgages on two properties—one in Michigan, the other in Atlanta—and described both of them as her primary residence in papers submitted 14 days apart. Pulte said he would submit the information to the Justice Department in a criminal referral. Abbe Lowell, a lawyer for Cook, said Trump’s move “is flawed and his demands lack any proper process, basis or legal authority. We will take whatever actions are needed to prevent his attempted illegal action.”
2. US Economy Expands at Revised 3.3% Rate on Stronger Investment — Inflation-adjusted gross domestic product, which measures the value of goods and services produced in the US, increased at a 3.3% annualized pace, the second estimate from the Bureau of Economic Analysis showed Thursday. That compared with an initially reported 3% increase. Business investment expanded at a 5.7% pace after surging in the first quarter. The latest figure was stronger than the 1.9% initially reported and reflected an upward revision to investment in transportation equipment and the strongest advance in intellectual property products in four years.
3. Core inflation rose to 2.9% in July, highest since February — The personal consumption expenditures price index showed that core inflation, which excludes food and energy costs, ran at a 2.9% seasonally adjusted annual rate, according to a Commerce Department report Friday. That was up 0.1 percentage point from the June level and the highest annual rate since February, though in line with the Dow Jones consensus forecast. The Fed uses the PCE price index as its primary forecasting tool. Though it watches both numbers, policymakers consider core inflation to be a better indicator of longer-term trends as it excludes the volatile gas and groceries figures.

The week ahead — Economic data from Econoday.com:

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