The Supreme Court blocked Trump on tariffs and birthright citizenship but handed him major wins on executive power, immigration enforcement and campaign finance. Legal experts said the term continued a broader trend toward expanding presidential authority.
Posts tagged as “Federal Reserve Bank of New York”
The Supreme Court expanded Trump’s authority to fire independent regulators but blocked his effort to remove Fed Governor Lisa Cook and upheld mail-in ballot rules. The justices also declined to review a $5 million civil judgment in E. Jean Carroll’s case.
The Supreme Court ruled 6-3 that FTC commissioners’ removal protections are unconstitutional, overturning the 1935 Humphrey’s Executor precedent. The decision gives presidents broader power over independent agencies while leaving separate litigation over the Federal Reserve on a different track.
The Fed’s preferred inflation measure rose at a 4.1% annual pace in May, the fastest since April 2023, as energy prices climbed. Consumer spending and incomes still increased after adjusting for inflation.
Technology shares fell sharply worldwide as investors questioned whether massive AI spending can support lofty valuations. Chipmakers, Alphabet and newly public SpaceX were among the names hit as the sell-off spread to Asian markets.
Alan Greenspan, who led the Federal Reserve from 1987 to 2006 under four presidents, died at 100 from complications of Parkinson’s disease. His legacy spans a long economic expansion, market crises and later criticism over deregulation before the 2007-08 financial collapse.
The Federal Reserve unanimously held interest rates at 3.5% to 3.75% in Kevin Warsh’s first meeting as chair. New projections showed inflation expectations rising and nearly half of policymakers open to a rate hike later this year.