“The Treasury Department is considering producing a one-dollar coin featuring President Donald Trump to commemorate the 250th anniversary of U.S. independence next year,” Politico reports.

“The draft design of the coin, which was overseen by the Office of the U.S. Treasurer Brandon Beach, features Trump’s profile on one side of the coin. The opposite side depicts Trump with a clenched fist in front of an American flag alongside the words ‘FIGHT, FIGHT, FIGHT.'”

“The Supreme Court on Wednesday allowed Federal Reserve Governor Lisa Cook to keep her job for now and scheduled arguments in January to weigh President Trump’s bid to fire her,” the Wall Street Journal reports.

“The justices on several occasions have allowed Trump to fire officials at other government agencies, but they also have signaled they believe the Fed is unique and enjoys more protections from presidential intervention. By placing the case on its argument calendar, the court buys itself more time to consider the issue.”

Wall Street Journal: “Zohran Mamdani, 33, shocked the world when he handily won the Democratic primary for New York City mayor running as a proud socialist. Mamdani’s victory has variously been attributed to his charisma, his adroit use of social media, his ability to bring South Asian residents into city politics and the warts of his leading opponents.”

“But it is also something else: the flowering of a movement that began to gestate nearly 20 years ago, when the misery of the financial crisis proved formative for a generation then just coming of age.”

President Trump posted a cartoon image depicting him firing Federal Reserve Chairman Jerome Powell.

Lawyers for Federal Reserve Governor Lisa Cook argued that the Supreme Court should reject President Trump’s request that he be allowed to fire her pending the outcome of her lawsuit challenging her removal, CNBC reports.

From the filing: “The President’s stay application asks this Court to act on an emergency basis to eviscerate the independence of the Federal Reserve Board.”

Financial Times: “Austan Goolsbee backed the quarter-point reduction to US borrowing costs at last week’s Federal Open Market Committee meeting. But the Chicago Fed president told the Financial Times that he could be less willing to support further cuts at forthcoming policy votes.”

Vanity Fair: “The president promised a ‘golden age,’ but Americans buying actual gold to hedge against an unstable economy is probably not what he had in mind.”

“Gold—it’s not only the decoration of choice for Donald Trump’s White House, but, it seems, the asset of choice for investors skittish about the economy he’s overseeing.”

“Gold prices have been surging lately, climbing to a record high Tuesday amid declining value of the U.S. dollar, political instability, and anxiety over the president’s signature tariffs—the latest sign that his economy may not exactly be the ‘miracle’ he promised he’d deliver on the campaign trail.”

“Paul Atkins is laying the groundwork for a major regulatory overhaul that could tilt the balance of power between public companies and their shareholders in favor of corporate America,” Politico reports.

“In his first year as Securities and Exchange Commission chair, Atkins is acting quickly to pull back on how much information Wall Street giants, gadflies and the public at large may get about a company’s financial health as well as their ability to take those companies to court.”

“Wall Street thinks interest rates are poised to come down faster than the Federal Reserve does—a wager that is already boosting the economy and markets by making it cheaper for Americans to borrow,” the Wall Street Journal reports.

“Eric Trump has said growing demand for cryptocurrencies could ‘save the US dollar’ by attracting investment flows from around the world into America,” the Financial Times reports.

He claimed the digital assets boom would channel “trillions . . . from around the world in wonky currencies” towards the U.S. 

“If President Donald Trump hoped that putting a close ally at the Federal Reserve would grab headlines, White House economic adviser Stephen Miran’s dissent and way-below consensus interest rate projection on Wednesday delivered,” Reuters reports.

“If the hope was to have someone on the inside to get the Fed to lower interest rates as sharply as Trump wants, Miran’s lone dissent was evidence the gambit had failed, at least for now.”

Axios: Fed meeting hints at new future of the central bank.

JPMorgan Chase CEO Jamie Dimon said on Wednesday he would comply with a subpoena to hand over any files or records associated with convicted sex offender Jeffrey Epstein, Politico reports.

“The Federal Reserve on Wednesday approved a widely anticipated rate cut and signaled that two more are on the way before the end of the year as concerns intensified over the U.S. labor market,” CNBC reports.

“Newly installed Governor Stephen Miran was the only one of those voting against the quarter-point move, instead advocating for a half-point cut.”

Wall Street Journal: “A narrow majority of officials penciled in at least two additional cuts this year, implying consecutive moves at the Fed’s two remaining meetings in October and December. The projections hint at a broader shift toward concern about cracks forming in the job market in an environment complicated by major policy shifts that have made the economy harder to read.”

“President Donald Trump’s onslaught against the Federal Reserve, and his installation of a top lieutenant on the central bank’s board, have made the Fed’s interest rate decision Wednesday one of the most politically charged ever,” Politico reports.

“On the one hand, the outcome — a small rate cut — is unlikely to be affected by either the addition of White House chief economist Stephen Miran or the continued presence of Lisa Cook, whom Trump is trying to oust from the board. But the vote could be a lot messier than usual at the consensus-driven central bank as Fed officials grapple with two problems they can’t fight simultaneously — a weakening job market and rising prices.”

Punchbowl News: “It’s a new era for the Federal Reserve. And not everyone is jazzed about it.”

“The world’s most important central bank is set to cut interest rates today — probably by 25 basis points. That’s the boring part, though much of Washington and Wall Street will be thrilled.”

“It’s everything else swirling around the Federal Reserve in this politically charged moment that’s the problem. This may be the most important Fed Day in years.”

“President Donald Trump has been waging an unprecedented and broad-ranging campaign for control of the Fed all year long. This particular meeting of the Federal Open Market Committee comes at a critical crossroads in that conflict.”

Wall Street Journal: Fed divisions thrust Powell into uncharted territory.

“The Senate on Monday confirmed White House economic adviser Stephen Miran to a key role at the Federal Reserve, allowing him to join the independent central bank while remaining in the Trump administration,” the Washington Post reports.

“The Senate narrowly voted 48-to-47 to confirm Miran, placing a sitting administration official inside an institution designed to operate independently from the White House. The move gives President Donald Trump a loyalist on the seven-member Fed board as he moves to reshape the central bank. It’s the first time in 90 years that a sitting White House official will have a role in setting monetary policy.”

“An appeals court ruled Monday that Lisa Cook can remain a Federal Reserve governor for now, rebuffing President Donald Trump’s efforts to remove her just ahead of a key vote on interest rates,” the AP reports.

“The Trump administration is expected to quickly turn to the Supreme Court in a last-ditch bid to unseat Cook before the Fed meets. And Cook’s lawsuit seeking to permanently block her firing must still make its way through the courts.”