MNI POLITICAL RISK - Trump Targets Cook In New Assault On Fed

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Executive summary:

• President Donald Trump will receive an intelligence briefing in the morning before signing Executive Orders at a closed press event in the Oval Office at 15:00 ET 20:00 BST.
• Central bankers gather today for the three-day symposium at Jackson Hole, amid a pressure campaign from Trump that threatens to undermine the Fed's independence. Taking his cue from Federal Housing Finance Agency Director Bill Pulte, one of Trump’s most vocal allies, Trump called on Fed Governor Lisa Cook to resign over allegations of 'mortgage fraud'.
• The US and European Union released a joint statement outlining a framework trade agreement intended as a 'first step' towards a comprehensive trade deal.
• Optimism has ebbed that the twin summits arranged by Trump will kickstart the Ukraine peace process. The Pentagon’s number two official told European military leaders that the US will play a minimal role in any security guarantees for Kyiv. There is no indication from Moscow that Russia is prepared to back away from its maximalist demands to end the war. Russian Foreign Minister Sergei Lavrov reiterated that a rejected 2022 Russian proposal should form the basis of peace negotiations.
• Both parties have intensified efforts to gerrymander Congressional maps ahead of the 2026 midterm elections.
• Israel began an offensive aimed at taking control of Gaza City.
• Poll of the Day: Trump may be losing support with Latino voters.

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