ICYMI, all the latest on Trump, the Fed, mortgage rates and more

Even if you’re following every moment of the current news cycle, you’re bound to feel like you’re constantly playing catch up. Between the ups and downs of mortgage rates, market inventory and the always chaotic national government, every day seems to bring a new crisis.

TAKE THE INMAN INTEL SURVEY FOR AUGUST^[1]

Last week, the president announced that he had “removed” Federal Reserve Governor Lisa Cook^[2] from her position, in a move that was called “unprecedented.” Cook responded with a lawsuit of her own, alleging that the attempted firing was in violation of the Federal Reserve Act.

READ: Fed governor sues Trump over ‘illegal’ firing^[3]

The move against Cook was just the latest salvo in Trump’s ongoing feud with the Fed over interest rates, which he and his administration argue should be reduced. However, Matt Carter writes this week, “usurping the Fed’s independence might backfire and push mortgage rates higher if bond markets revolt.”

While Trump blames interest rates for the housing market’s woes, a mixed bag of inventory woes and economic uncertainty has created a “tale of two markets,^[4]” with some areas seeing strong buyer’s markets and others still stymied by a one-two punch of high prices and low inventory.

Homebuyers are out in force and mortgage rates are coming down^[5]

With 7.24 million Americans out of work in July and payroll growth slowing to an average of 35,000 jobs a month, the Fed is expected to pivot from fighting inflation to preserving jobs.

New sales numbers are out. These 9 charts show what’s happening where you live^[6]

Pending home sales, a leading indicator of expected home sale closings, fell 0.4 percent nationally in July, according to National Association of Realtors data.

Why is Midwest real estate beating the rest of the country?^[7]

The Midwest is home to some of the hottest markets in the country, while other regions face a lackluster year. What gives?

Last week, Inman’s contributors also had governmental and economic shifts on the brain, writing about recent changes to the tax code and the impact of the national debt on housing.

3 big tax wins for investors in the ‘One Big Beautiful Bill Act’^[8]

For both new investors and established players, Kevin DeCicco writes, these updates mean more tools for building and preserving real estate wealth across generations.

The Download^[9] is a column in which Inman’s Christy Murdock takes a deeper look at the top-read stories of the past week to give you what you’ll need to meet Monday head-on.