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Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kintanah with David Faber. Robert Frank's with us at post nine of the New York Stock Exchange. Kramer has the morning off. Future is a bit soft as we wrap up the trading month for August and the summer. Little pockets of weakness and tech, some warning of additional terror pressure to come from the likes of Caterpillar.

Peace. for August and the summer. Little pockets of weakness and tech, some warning of additional tariff pressure to come from the likes of Caterpillar. PCE was mostly in line, but year-on-year

core, highest since March of last year. Our roadmap begins with the president asking a judge

to deny Fed Governor Cook's firing injunction. A hearing is scheduled in the next hour.

What stocks are sitting at record highs on this,

the last trading day of August. We're going to talk about the setup for September. And of course,

there is still the great rate debate. Fed Governor Waller is expecting cuts over the next three to six

months, starting with September. Let's begin, though, with Fed Governor Cook suing the president

over his attempt to

remove her from office. A federal court hearing is slated to begin within the next hour.

Arayman Jabbers is outside the courthouse in Washington with the preview. Hey, Amen.

Carl, that's right. We do expect that hearing here at 10 a.m. at the courthouse in Washington.

During the course of this morning, though,

we've seen dueling filings both from the Federal Reserve and also from the Department of Justice

in this case. So remember where we are. Lisa Cook has filed a lawsuit against the president

and the Fed saying she does not deserve to be fired and the president doesn't have the authority

to do that

what we saw this morning from the fed

uh... was a filing from them

essentially throwing up their shoulders and throwing up their hands and

...