President Donald Trump moved to oust Federal Reserve Governor Lisa Cook from her post at the US central bank in the wake of allegations from a White House ally that she falsified documents on mortgage applications.

“The American people must be able to have full confidence in the honesty of the members entrusted with setting policy and overseeing the Federal Reserve,” Trump wrote in a letter sent to Cook on Monday, which he posted on Truth Social. “In light of your deceitful and possibly criminal conduct in a financial matter, they cannot and I do not have such confidence in your integrity.”

Presidents can remove Fed governors from office, but only for cause. Laws that describe “for cause” generally define the term as encompassing three possibilities: inefficiency; neglect of duty; and malfeasance, meaning wrongdoing, in office.

For instant reaction, host Doug Krizner speaks with Enda Curran, Bloomberg global economy reporter.

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Elon Musk accused Apple Inc. and OpenAI in a lawsuit of unfairly favoring the artificial intelligence company across iPhones and thwarting competition for other chatbot makers.

Musk’s X and xAI seek billions of dollars in damages in the suit filed Monday in federal court in Fort Worth, Texas, arguing that Apple’s decision to integrate OpenAI into the iPhone’s operating system inhibits rivalry and innovation within the AI industry and harms consumers by depriving them of choice.

The billionaire founder of xAI Holdings, which now houses the Grok AI team and X social network, said Apple makes it impossible for anyone other than OpenAI’s ChatGPT to reach the top of the App Store charts, a sought-after global spotlight for app developers.

The case sets up a high-stakes court showdown between the richest person on the planet and one of the world’s most valuable companies.

Apple and OpenAI — whose ChatGPT service is the most-downloaded free iPhone app in the US — have a partnership around AI built into the latest iPhones. Musk, 54, has a long-running feud with OpenAI Chief Executive Officer Sam Altman, which dates back to disagreements that led to their split after the two founded OpenAI together a decade ago.

Today's show features:
- Bloomberg News Legal Reporter Madlin Mekelburg on Elon Musk suing Apple and OpenAI over what he sees as threats to AI competition
- Jennifer Lee, Senior Economist and Managing Director of Economics at BMO Capital Markets, on the big week of economic data ahead
- Bloomberg News Chief Correspondent for Global Aviation Siddharth Phillp on Boeing and union leaders returning to the bargaining table
- Christina Cassotis, Chief Executive Officer of the Pittsburgh International Airport, on the upcoming opening of her airport’s new terminal and preparing for the Labor Day weekend travel rush

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Sales of new US homes exceeded forecasts in July after an upward revision to the prior month, as prices eased and heavy incentives enticed more buyers off the fence. Contract signings on new single-family homes ticked down to a 652,000 annualized rate, with the strongest demand in the West, according to a government report issued Monday. The median estimate in a Bloomberg survey of economists was a 630,000 pace.

Katie Hubbard, Executive Vice President of Capital Markets at Walton Global, breaks down the American real estate landscape as market participants await the Federal Reserve's next interest rate decision in September. Katie speaks with Tim Stenovec and Norah Mulinda on Bloomberg Businessweek Daily.

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