Cook Hearing Ends With No Judge Ruling; Live from US Open Day 2

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Questions about whether President Donald Trump had cause to try to push out Federal Reserve Governor Lisa Cook dominated a court hearing Friday, as a judge weighs whether he had proper reasons to order her removal from the US central bank.

US District Judge Jia Cobb peppered lawyers for Cook and the administration for about two hours Friday, before ending the hearing without ruling on the Fed governor’s request for a temporary order blocking Trump’s effort to oust her. The judge, who isn’t expected to make a decision this week, didn’t indicate which way she is leaning in a landmark lawsuit that could determine the future of the Fed’s independence. 

The hearing capped weeks of criticism of the Fed by the Trump administration and signaled the beginning of a pitched legal fight that is likely to land before the US Supreme Court. Cook sued after Trump moved to fire her for allegedly engaging in fraud by declaring two homes as her primary residence in separate mortgage applications. She hasn’t been charged with wrongdoing.
The judge focused in particular on Cook’s argument that being accused of wrongdoing and fired through a series of social media posts didn’t amount to proper due process under US law.

Today's show features:

• Bloomberg TV and Radio International Economics & Policy Correspondent Michael McKee on key takeaways from Federal Reserve Governor Lisa Cook’s emergency court hearing
• Bloomberg Intelligence Global Equity Strategist Gillian Wolff on the Friday trade and end of the "de minimis" trade exemption
• Kirsten Corio, Chief Commercial Officer of the USTA, on growth in the sport of tennis in the United States
• Eric Butorac, Director of US Open Player Relations for the USTA, on the life of professional athletes

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