steveliesman.bsky.social
Steve Liesman
@steveliesman.bsky.social
15K followers 930 following 300 posts
CNBC senior economics reporter. Husband, father, journalist, guitarist and fly fisherman. (The Lies-man joke has been made. It’s not fresh. It’s my father’s father’s name, bastardized at Ellis Island. Move along.)
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · 22d
Trump's Fed pressure campaign will lead to higher inflation: CNBC survey www.cnbc.com/2025/09/16/t...
Trump's Fed pressure campaign will lead to higher inflation, weaker growth, according to CNBC survey
The survey found that 41% of respondents surveyed believe that the president's actions are directly aimed at eliminating the Fed's independence, with 41% saying they are designed to limit them.
www.cnbc.com
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · 28d
So, even in defeat, the president’s agenda is advanced, at least among his supporters. But for now, Cook keeps her job and there are some limitations on the president’s ability to remove a fed governor, preserving central bank independence. For now. 3
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Steve Liesman @steveliesman.bsky.social · 28d
Social media posts I’ve seen from the president’s supporters focus exclusively on ad hominem attacks on the judge being black, a member of the same sorority and a “dei hire.” None I saw addressed the legal questions decided by Judge Cobb. Several continued the theme of runaway lower courts. 2
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · 28d
If the case against Fed Gov Cook were a tennis match, the govt just got routed in 3 straight sets. The judge found in favor of Cook on every point: firing by the prez would render fed independence meaningless; the court can review the president’s decision; and Cook was denied a right to a hearing. 1
Trump blocked from firing Fed Governor Lisa Cook as lawsuit plays out
The Supreme Court is likely to have the final say on whether President Donald Trump has legal cause to remove Lisa Cook from the Federal Reserve.
www.cnbc.com
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 29
Raise your hand if your bingo card for the past seven days had:

1. US takes 10% stake in intel
2. Trump fires Fed Reserve Governor
3. US appeals court declares emergency tariffs illegal

You win.
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Reposted by Steve Liesman
steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 29
Ftr. I said when Trump started doing tariffs, he should do it thru congress. (Ftr, so did some others). Now, we have MONTHS of additional uncertainty waiting for the USSC. If you’re an importer, what do you do now? You wait. Just in time for Xmas. Goods shortages? Maybe..
steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 29
Holy wow. Many tariffs struck down by appeals court

www.politico.com/news/2025/08...
Federal appeals court strikes down major chunk of Trump’s tariffs
The ruling will not take effect right away, giving the administration time to appeal to the Supreme Court.
www.politico.com
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 29
More volatility in trade, GDP and inflation data ahead so we less clarity on the economy. Hey @justinwolfers.bsky.social , what’s ur “intraday tariff chart” look like now?
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 29
Ftr. I said when Trump started doing tariffs, he should do it thru congress. (Ftr, so did some others). Now, we have MONTHS of additional uncertainty waiting for the USSC. If you’re an importer, what do you do now? You wait. Just in time for Xmas. Goods shortages? Maybe..
steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 29
Holy wow. Many tariffs struck down by appeals court

www.politico.com/news/2025/08...
Federal appeals court strikes down major chunk of Trump’s tariffs
The ruling will not take effect right away, giving the administration time to appeal to the Supreme Court.
www.politico.com
10 34 140
steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 29
Holy wow. Many tariffs struck down by appeals court

www.politico.com/news/2025/08...
Federal appeals court strikes down major chunk of Trump’s tariffs
The ruling will not take effect right away, giving the administration time to appeal to the Supreme Court.
www.politico.com
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 29
MOVING FAST: Senate Banking announces Sept 4 confirmation hearing for CEA Director Stephen Miran for the vacant seat on the Federal Reserve Board. Don’t know if he can be confirmed by the full Senate and sworn in in time for Sept 16 meeting but you have to believe that’s the objective.
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 26
Statement from Abbe David Lowell, attorney for Fed Gov Lisa Cook (Part 2):
“…We will take whatever actions are needed to prevent his attempted illegal action.”
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 26
Statement from Abbe David Lowell, attorney for Fed Gov Lisa Cook:

“President Trump has taken to social media to once again “fire by tweet” and once again his reflex to bully is flawed and his demands lack any proper process, basis or legal authority...
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 26
Statement from Fed Gov Lisa Cook:

“President Trump purported to fire me “for cause” when no cause exists under the law, and he has no authority to do so. I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022.”
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Steve Liesman @steveliesman.bsky.social · Aug 20
Mordor coming to life here in Jackson Hole.
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 20
Hassett likely to be Trump's pick for Fed chief, though Warsh is more qualified, CNBC survey finds www.cnbc.com/2025/08/20/h...
Hassett likely to be Trump's pick for Fed chief, though Warsh is more qualified, CNBC survey finds
The NEC director firmly led when asked who the president will choose from among 11 names being considered.
www.cnbc.com
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 7
Trump approval rating still negative while the public sours further on Democrats www.cnbc.com/2025/08/07/t...
Trump's approval rating still negative while the public sours further on Democrats, CNBC survey shows
Trump's overall and economic ratings remain negative despite a slight improvement in the CNBC All-America Economic Survey.
www.cnbc.com
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 5
No doubt the system can and should be improved. But you have to identify the problem and if you’re starting with politics, you’re starting in the wrong place. Also probably not optimal to be proposing 9% staff and budget cuts at the bls, as contained in Trump’s FY26 budget.
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 5
The President also suggested there were other post election revisions. But the next revisions came out Dec 5, when Sept and Oct were revised UP by a combined 148k. So there remains not a single piece of data supporting the president’s assertion that the data is rigged politically.
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 5
President Trump claimed again in a @cnbc.com interview today that the -818k annual benchmark revisions to jobs came out after the election in Nov, showing the data was rigged to hurt him. But he was fact-checked on air by Joe Kernen who pointed out the report was actually released in Aug 24.
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 4
The other irony is that it has been left to the more liberal economists to point this out.
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 4
The decline in jobs and growth should be seen as proof of what economists have been saying all along. Instead, economists supporting the administration suggest what I call the idea of “immaculate taxation” that somehow this money is being collected and no one is paying it and it has no effect.
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 4
The irony of denying the impact of tariffs on job creation is that all economists, but especially conservative ones, have long held that when you tax something, you get less of it. So tariff revenue running at a $350b annual rate in July is a major tax on consumption.
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 3
7. So the evidence is clear: Biden appointed a secret Republican operative who issued negative job and inflation reports to help Trump get elected. And Trump appointed a secret Democratic operative who bolstered Biden’s numbers.

8. Either that, or the president’s assertions are simply ridiculous.
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Steve Liesman @steveliesman.bsky.social · Aug 3
6. The revisions are standard practice, done when the BLS gets actual payroll and tax data from the states. From 2014 to 2023 they ranged from -0.4% to +0.3%. The 2024 final revision was large but within the range at -0.4%.
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steveliesman.bsky.social
Steve Liesman @steveliesman.bsky.social · Aug 3
4. The Aug number was preliminary. The final number released in Feb 25 was -598k. So, in fact, under McEntarfer, a more negative number was released before the election than turned out to be the case.
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