President Donald Trump doesn’t just want to lower interest rates—he wants to rebuild the Federal Reserve from the ground up. And this week, he made another big move.
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On Monday, Trump announced he was firing Fed Governor Lisa Cook “effective immediately.” Cook’s term isn’t set to expire until 2038.
Trump claimed on Truth Social that he had “sufficient cause” to fire Cook—the first Black woman on the Board—citing allegations that she falsified mortgage statements. The next day, long-dated U.S. Treasuries weakened and yields rose, reflecting market concerns over Fed independence and potential long-term inflation and borrowing cost pressures.
Cook, defiant, fired back: “President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so. I will not resign.”
This saga follows months of repeated pressure from Trump on Fed Chair Jerome Powell to lower interest rates, including threats to remove him before his term expires in May 2026. (Legally, a U.S. president cannot fire the Fed chair.) It also comes on the heels of Trump’s move to nominate Stephen Miran—who has served …