Axios

The Trump administration has launched a new effort to remove Federal Reserve Gov. Lisa Cook, notifying her that President Trump is considering her removal and giving her 21 days to respond to mortgage fraud allegations in a letter obtained by Axios.

Why it matters: The Supreme Court this year blocked Trump's first attempt to remove Cook, finding that the Fed official was not given notice or a chance to respond.

America's labor market appeared to be gaining momentum this spring. The latest data makes that rebound look much less convincing.

Why it matters: The report isn't as bad as the headline suggests, but the broader picture is still one of a labor market that is less robust than it seemed.

• If the trend continues, U.S. workers might find themselves squeezed on two fronts — a weakening job market and high inflation from an uncertain geopolitical conflict cutting into paychecks and household budgets.

Sen. Bill Cassidy (R-La.) announced Friday that he will vote for Todd Blanche's for attorney general, boosting his prospects for confirmation before the Senate leaves for its August recess.

Why it matters: Cassidy's vote keeps Blanche's nomination alive despite previous opposition from Sens. Lisa Murkowski (R-Alaska) and Susan Collins (R-Maine).