Federal Reserve Governor Michelle Cook found herself at the center of a social media storm after refusing to step down from her position following a tweet by Federal Housing Finance Agency (FHFA) Director Mark Calabria. The controversy began when Calabria questioned Cook’s qualifications for her role, leading to a heated exchange between the two officials. While Cook maintains that she has done nothing wrong and is not afraid of criticism, some have raised concerns about the potential impact on the Fed’s credibility and effectiveness.

Meanwhile, European stock markets are struggling to make gains despite better-than-feared purchasing managers’ index (PMI) readings, while US equity futures are mixed. The US dollar is trading mixed against its peers, with the pound sterling leading the G10 pack after strong PMI numbers.

Bonds are under pressure following weaker than expected UK borrowing data, and crude prices are firmer amid ongoing geopolitical tensions in Ukraine. Looking ahead, key economic indicators such as US Flash PMIs, weekly/continued jobless claims, Philly Fed Index, EU consumer confidence, and the Federal Reserve’s Jackson Hole Economic Symposium will provide important insights into the health of the global economy.