Seeking to Control the Fed, Trump Risks Upending a Pillar of the Global Economy
President Trump’s attempt to fire Lisa Cook, a Fed governor, will set off a long legal battle. Economists warn it could lead to higher inflation and government borrowing costs
By Ben Casselman, Colby Smith and Tony Romm, NY Times
In his monthslong battle to take control of the Federal Reserve, President Trump has tried threats, name-calling and — in one particularly memorable news conference with a hard-hat-wearing Jerome H. Powell — public humiliation. But he has always stopped short of the step that advisers warned could roil financial markets and upend a pillar of the global economy: attempting to fire a Fed official.
On Monday evening, he took that leap.
