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The Supreme Court has blocked President Trump from removing Federal Reserve Governor Lisa Cook, a ruling with significant implications for central bank independence. The justices drew a line between Cook's role and a separate top regulatory position, signaling the Fed's insulation from executive pressure remains largely intact for now.
Across the Atlantic, the inflation fight is far from over. Bundesbank President Joachim Nagel, speaking at an ECB conference in Portugal, warned that inflation is likely to remain significantly above target, reinforcing expectations that European policymakers will stay in a restrictive posture longer than markets may be pricing in.
And Warren Buffett has delayed his annual donation to the Bill and Melinda Gates Foundation while the organization reviews its historical ties to the late sex offender Jeffrey Epstein. Buffett has been among the Foundation's largest benefactors for years, so any pause in that relationship carries both reputational and financial weight for one of the world's most prominent philanthropic institutions.
That's the tape. Markets Desk, signing off the floor.
