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.

Three years ago, then-President Biden signed the CHIPS and Science Act into law, with hopes of giving the U.S. semiconductor industry a boost amid strategic competition with China. Since then, the federal government has been funneling billions into the sector, including STEM education investments. Yet, according to a new study, there’s still a shortage of skilled workers to fill critical chip production jobs. But first, a recent grad reflects on automation in the job-hunting process.

President Donald Trump has been relentlessly trying to increase control over the Federal Reserve, most recently with his attempt to fire Fed Governor Lisa Cook. The Fed controls the Federal Funds Rate, which is currently at around 4.5%; the president wants it down to 1%. So, what if that happened? We'll outline the ripple effects. Also: Nvidia didn't meet Wall Street’s lofty expectations, and Cracker Barrel’s logo saga shows us the power of upset consumers.

From the BBC World Service: Thousands of workers are rallying in Jakarta and 38 other Indonesian provinces to demand higher wages and lower taxes. Plus, BBC data shows cheap goods shipped from China to the United Kingdom more than doubled last year to over $4 billion. And, a Kenyan tech company is encouraging the use of bitcoin in one of Africa’s largest slums in hopes of promoting financial inclusion and boosting the area's economy.

While Federal Reserve Governor Lisa Cook's lawyer says she will sue to challenge the president's move to fire her, the White House is reportedly getting ready to appoint Cook’s replacement. Today, we'll unpack how this battle is impacting markets as the Trump administration continues to test the limits of its authority. And later, we'll hear about tariff-related anxiety from India, including from a South Indian hub supplying global clothing brands and Mumbai’s diamond workshops.

You may have heard that big things come in small packages. Now, tariffs do too. The "de minimis" tariff exemption for purchases less than $800 ends Friday. Parcels will then be subject to the tariff for whatever country from which they’re shipped. Plus, why Nvidia's quarterly results are a big deal and how a less independent Federal Reserve could affect the value of the U.S. dollar.