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Federal Reserve Governor Lisa Cook attends the Federal Reserve Bank of Kansas City's 2025 economic symposium in Jackson Hole, Wyoming, USA, on August 23, 2025.
What We’re Watching: Trump says he’s firing a Fed governor, French PM faces the guillotine, Botswana declares public health emergency
In latest attack on Fed, Trump says he’s firing a governor
US President Donald Trump said he’s firing Federal Reserve governor Lisa Cook, citing alleged false statements on her mortgage agreement as cause for her sacking. The legal authority for this move is unclear. Cook, the first Black woman to be on the Fed’s board of governors, said the president has no authority to remove her, and her lawyer vowed to reverse her dismissal. The president had repeatedly targeted Cook in recent days, the latest move in a series of extraordinary attacks on the Fed’s independence since he returned to office. The move prompted a sell-off of long-term US government bonds.
French Prime Minister faces likely ouster, markets reel
Prime Minister François Bayrou has called a confidence vote for Sept 8 on his €44 billion deficit-cutting budget — a move widely expected to topple his minority government, as key opposition factions have vowed to vote against him. If Bayrou loses, France would face another government collapse, prolonging political gridlock and raising the risk of snap elections that could hand the right wing an outright majority. Markets reacted immediately: France’s 10-year borrowing costs surged to 3.53%, and the CAC 40, France’s benchmark stock index, fell for a second straight day.
Botswana declares public health emergency
A shortage of medicines and medical equipment, including for cancer and tuberculosis treatments, prompted Botswana President Duma Boko to declare a nationwide public health emergency yesterday. A country of 2.5 million people in southern Africa, Botswana has suffered badly from a downturn in the diamond industry, fueling unemployment and poverty. US aid cuts have exacerbated these issues: the United States used to fund a third of Botswana’s aid response, per UNAIDS. The shortages are a major test for Boko, who is in his first year office after ousting the party that had governed for 58 straight years.African elephants drinking at waterhole in Mashatu Game Reserve, Botswana.
Horton hears a diplomatic snafu
Let’s talk about the elephant(s) in the room — all 20,000 — that Botswana’s leader is publicly threatening to unleash on German soil. President Mokgweetsi Masisi issued this warning after Berlin’s environment ministry, in the name of conservation, weighed a ban on hunting trophy imports from Africa: “If you like [elephants] so much, then please accept this gift from us.”
Masisi’s side: Botswana is home to over 130,000 elephants, more than any other country in the world. Herds can cause property damage, eat crops, and even trample residents, and Masisi says hunting is necessary to control the exploding population. Banning the trophies would also contribute to poverty, he said, as hunting can be an important source of income for rural communities.
Germany’s side: Animal rights groups argue that hunting elephants is cruel and should be banned, regardless of population size. A PETA spokesperson went so far as to say that hunting is merely “a hobby of rich, jaded people who have more money than morals.” Plus, the German Association for Animal Welfare insists that hunts exacerbate societal inequalities in communities instead of diminishing them.
What’s next: While Masisi assured that this “is not a joke,” German officials say Gaborone has “not yet contacted” them to discuss sending Dumbos to Deutschland.