PLN: Zloty Ticks Higher, Market Participants Mull Energy Price Outlook

A quick summary of the latest developments in President Trump’s challenge to Fed independence, in case missed late yesterday/overnight: 

• Trump published a letter to Fed Governor Cook (in a permanent voting role through 2038) on Truth Social noting that “you are hereby removed from your position on the Board of Governors of the Federal Reserve, effective immediately”.
• It follows and is based on prior accusations of mortgage fraud from FHFA’s Pulte, with Trump having first urged Cook to resign before threatening to fire her if she didn’t do so last week.  
• Gov. Cook has since said Trump has no authority to fire her and she won’t quit, doubling down on her position having pushed back on threats last week.
• From a statement released by Cook’s attorney: “President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”
• Re-upping the MNI exclusive from April 21 with Lev Menand an ex-senior Treasury adviser who specializes in legal matters around central banking at Columbia Law School. He told MNI that Governors Lisa Cook, Michael Barr and Vice Chair Philip Jefferson, all appointed by former President Joe Biden, could be on the chopping block if Trump has his way. “The officials at most risk are the recently-appointed Biden appointed officials associated with bank regulatory policy.”
• Discussing an at-the-time pending ruling before the Supreme Court related to Trump’s firing of directors of other independent agencies but nevertheless still useful context, he added that if the President were to prevail, get this emergency stay and then say, ‘You know what, I'm just going to fire some Fed governors because they'll be out of a job for months,' the lower court can't put them back in during their litigation. See MNI INTERVIEW: Fed Independence Facing Imminent Risk – Menand (Apr 21). 

ERH6 98.06/97.93ps 1x2, bought the 1 for 3.5 in 10k.

SX7E (20/03/26) 215p, sold at 10.70 in 10k vs 3.4k at 229.10.