The Federal Reserve is set to face a lawsuit today from Governor Lael Brainard Cook, according to CNBC reports. The lawsuit comes as President Trump considers naming a replacement for Cook on the Fed board. Meanwhile, stock futures and Treasury yields have remained relatively unchanged in response to the news.

In other economic developments, German consumer sentiment took a dip in September due to concerns over job losses. In the Netherlands, the government faces a no-confidence vote as political turmoil deepens. In Japan, Akazawa is set to visit the US to push for the start of lower car tariffs, while China’s crackdown on price wars has eased industrial profit drops.

In central bank news, the Reserve Bank of Australia (RBA) has maintained rate-hold bets despite a stronger than expected consumer price index (CPI). Options traders are also predicting more underperformance for US long bonds, while the Bank of Japan’s operations signal that the market is eager to sell debt.

In other commodity news, the American Petroleum Institute (API) reported a 974,000 barrel decrease in US oil inventories. Goldman Sachs expects Brent crude to decline to the low $50s by late 2026, while Iran has announced that it will maintain contacts with Europe after nuclear talks ended.

In international trade news, President Trump has slapped India with 50% tariffs, upending ties with Prime Minister Modi. The move comes as the US seeks to protect its domestic industries and assert its economic influence globally.

Overall, while the Federal Reserve lawsuit may have some market implications, the reaction so far has been relatively muted. However, the ongoing geopolitical tensions and trade disputes are likely to continue shaping the global economic landscape in the coming months.