We're continuing to follow President Donald Trump's campaign against U.S. central bank independence. His move to fire Federal Reserve Governor Lisa Cook over unproven allegations of mortgage fraud has now been challenged by a lawsuit from Cook. Fed independence has been a strength of the U.S. financial system, but what happens if that disappears? We turn to Hungary as a case study. Plus, consumers spend on tech, and we discuss the latest inflation reading.

Much of the movement of the S&P 500 stock index is driven by just seven stocks. Known as the “Magnificent Seven,” they comprise Nvidia, Apple, Microsoft, Amazon, Meta, Alphabet, and Tesla, and are valued at around $20 trillion. Is this a bubble ready to burst? An overvaluation? Or something else entirely? But before we get to that story, we'll learn more about the first court hearing in a case that tests the Federal Reserve's independence.

From the BBC World Service: The United States has ended a long-running global tax exemption on imports worth $800 or less. It's kept goods purchased online inexpensive for many American shoppers. We'll hear more. Then, the Japanese defense ministry wants to triple spending on drone manufacturing as part of a $60 billion budget request. And, the last newspaper hawker in Paris has been honored with the Order of Merit by French President Emmanuel Macron.