Fed vs. inflation

Trump's USA • Fed vs. inflation
The verdict is delayed – Fed chief Cook remains in office until further notice

Federal Reserve Governor Lisa Cook remains in office until further notice after the court in Washington DC has not yet ruled on the case, several media outlets report. After Friday's two-hour hearings, Judge Jia Cobb announced that Cook's lawyers will submit a longer statement on Tuesday on the argument that Donald Trump's dismissal was illegal, Reuters reports. Representatives of the Justice Department have also been asked to submit more documents, CNBC reports.

The central bank has said that it will comply with the verdict, but the case is not expected to be decided until it reaches the Supreme Court.

US core inflation rose in line with expectations in July

US inflation according to the Fed's key measure core PCE rose as expected to 2.9 percent at an annual rate in July from 2.8 percent the previous month. Rising inflation suggests that Donald Trump's tariffs have had an effect on US consumer prices, writes CNBC.

Private income increased by 0.4 percent and private consumption by 0.5 percent at a monthly rate, according to Trading Economics consensus estimates.

Futures indicate a positive reception on Wall Street, although they still point to a negative opening.