Trump to Appoint New Fed Governor and BLS Statistician; Boeing Workers Strike

Federal Reserve and Jobs Data Appointments

• 🎯 President Trump plans to announce a new Federal Reserve governor and a jobs data statistician soon.
• 💡 The departure of Fed Governor Adriana Cougler, a Biden appointee, presents an opportunity for Trump to appoint someone aligned with his preference for lower interest rates.
• ⚠️ The White House fired Bureau of Labor Statistics boss Erica McInterer, with National Economic Council Director Kevin Hassett citing a need for more transparent and reliable job data.

Boeing Defense Factory Strike

• 🏭 Workers at Boeing's St. Louis-area defense factories are on strike for the first time in nearly three decades.
• 🚫 The walkout involves approximately 3,200 machinists who rejected Boeing's modified contract offer, which included a 20% wage increase and boosted retirement contributions.
• ⏳ The last strike at this facility in 1996 lasted 99 days.

UBS Settlement and Trade Discussions

• ⚖️ UBS agreed to pay $300 million to settle a mortgage-related case with the US Department of Justice, resolving issues inherited from Credit Suisse.
• 📈 This payment is expected to have a positive impact on UBS's third-quarter results by allowing the release of a contingency liability.
• 🤝 US Trade Representative Jamieson Greer expressed cautious optimism regarding discussions with China on rare earth flows, calling it a key topic in recent trade talks.

Texas Redistricting Dispute

• 🗳️ Democratic lawmakers in Texas have left the state to prevent Republicans from redrawing the congressional map.
• ⚖️ The Justice Department previously determined that four Texas House districts were racially gerrymandered.
• 🗣️ Governor JB Pritsker criticized the move as an attempt to rig the system, while Texas Governor Greg Abbott suggested a court could decide on replacing the absent lawmakers.

Market and Economic Updates

• 📈 Futures are higher as the trading week begins, following a sell-off on Friday due to weak jobs data.
• 💰 Morgan Stanley recommends buying stocks on pullbacks, anticipating eventual interest rate cuts by the Federal Reserve.
• 🛢️ Oil prices are down more than 1% as OPEC+ completes a series of production increases, with the next move potentially being a cut or hike.