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On September 9, Democratic members of the U.S. Senate Banking Committee demanded that Milan, the Republican-controlled Senate Banking Committee, must commit to resigning as the White House chief economic adviser by September 8 before he can take further steps to advance his nomination. Milan said at his nomination confirmation hearing last week that he only needs to take unpaid leave from the White House Council of Economic Advisers because his position at the Federal Reserve will only last until the end of January next year. Democratic senators pointed out that Milans term may be longer, depending on how long it takes to confirm his successor, and that Milans dual role as a Federal Reserve governor and Trump adviser creates a potential conflict. "It is ridiculous to think that you can make independent judgments on monetary policy and financial regulation. Without such a commitment, we believe the committee should not advance your nomination," the Democratic lawmakers said in a letter to Milan.Nebius, an AI infrastructure company, announced on September 8th that it has signed a commercial agreement with Microsoft. Under the agreement, Nebius will provide Microsoft with dedicated GPU infrastructure capacity at its Vineland, New Jersey, data center over a five-year period. The GPU services will be deployed in multiple batches in 2025 and 2026. Subject to deployment and GPU service availability, the total contract value is approximately $17.4 billion through 2031. Microsoft may also acquire additional services and/or capacity under the agreement, increasing the total contract value to approximately $19.4 billion.On September 9th, Stephen Miran, chairman of the White House Council of Economic Advisers and Trumps nominee for a Federal Reserve board seat, revealed in his latest financial disclosure that a home he listed as his primary residence when he purchased it with a mortgage is now being used as a rental. A document released Friday by the Office of Government Ethics (OGE) revealed that a mortgage obtained by Miran in 2022 had changed status. A note in the document stated that the loan valued the home between $500,000 and $1 million, with an interest rate of 2.375%, and that "the mortgage, previously reported as a primary residence, began to be used for rental purposes during the reporting period." Trump is currently attempting to fire Federal Reserve Board Governor Tim Cook on charges of mortgage fraud, using a similar pretext to Mirans actions.Japanese tariff negotiator Ryomasa Akazawa: U.S. tariffs on Japanese goods, including automobiles, will be reduced before September 16.Baidu (09888.HK): Today announced the pricing of the issuance of 1.90% senior unsecured notes with a total principal amount of RMB 4.4 billion and due in 2029.
