It's Jim Kramer here.

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Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kinteneo with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange. Futures red, mostly steady, as more eyes may be on the dollar today in the long bond. yield rising to 492 as the president moves to fire Fed Governor Cook and her statement that, quote, he has no authority to do so.

Roadmap begins with the president saying he is firing her for allegations of mortgage fraud.

Cook says she will not resign.

Plus AT&T strikes a $23 billion deal to buy Spectrum licenses from Echo Star. It's an effort to boost its 5G network, and it sure as heck is boosting stock, the stock of Echo Star. Yeah. Commerce Secretary Howard

Lutnik was on CNBC this morning saying the Pentagon is, quote, thinking about taking equity

stakes in defense contractors. We'll talk about that

and the continued fallout, so to speak, from the Intel investment. Let's begin with the White

House ramping up its attacks on the Fed today. The president says he has fired Fed Governor

Lisa Cook, effective immediately in a letter to Cook posted last night on truth social.

President states there is sufficient cause to remove her because she is, in his words, may have made false statements on one or more mortgage agreements.

Cook responded with a statement saying, quote, President Trump reported to fire me for cause when no cause exists under the law, and he has no authority to do so.

I will not resign. I will continue to carry out

my duties to help the American economy as I've been doing since 2022. A lot of reaction, Jim,

on the street about whether she could get an injunction from the D.C. District Court,

whether that eventually moves to the Supreme Court. Well, I think the hard problem here is she hasn't been charged.

So until she's charged, I don't know why the president would go now, unless he's

really confident she will be charged.

I don't think he knows that.

You know, David, I think one of the problems here is that without her being charged,

...