EconomyIs the Fed facing its biggest political test yet? | Morning Bid

President Donald Trump has given Federal Reserve Governor Lisa Cook three weeks to respond to allegations of mortgage fraud. Because the deadline comes just before the September FOMC meeting, it is prompting new questions about the central bank’s independence under Chair Kevin Warsh. The U.S. economy also lost 23,000 jobs in July, an unexpected disappointment, although a declining unemployment rate and solid construction gains softened the response. Attention now shifts to Wednesday’s CPI release, with oil near $83 a barrel and retail fuel prices still high.