Trump: I will have to look at it. I'll be briefed on it soon. There could be big trouble.

Trump: I will have to look at it. I'll be briefed on it soon. There could be big trouble.

The Trump administration is grappling with a high-stakes debate over the fate of Erik S. Siebert, the U.S. attorney for the Eastern District of Virginia, who is investigating New York’s attorney general, Letitia James, and the former F.B.I. director James B. Comey. According to sources briefed on the situation, administration officials informed Siebert that he would likely be fired .

Siebert has recently expressed concerns to senior Justice Department officials about the lack of sufficient evidence to bring charges against James and raised questions about a potential case against Comey. President Trump has long viewed James and Comey as adversaries and has publicly called James a "crook," according to a person briefed on his remarks. The push to remove Siebert, a highly regarded career prosecutor, came as a shock in an office that handles some of the nation’s most sensitive national security investigations .

The situation remains fluid, with Siebert and his top deputy still at their desks working, and no one having been officially ordered to leave as of midday Friday. Attorney General Pam Bondi and Todd Blanche, the deputy attorney general, have privately defended Siebert against officials who have urged his firing .

Meanwhile, the Federal Reserve has initiated its first interest rate cut since December, reducing it by a quarter-point to 4.1% due to growing concerns about the labor market's health. The Fed projects two more cuts this year and one in 2026, despite investor expectations for more .

US stock futures moved in positive territory this morning after the markets and the Russell 2000 closed at record highs on Thursday. President Trump will be speaking with Chinese President Xi Jinping today to further discuss a possible TikTok deal and trade tariffs .