Donald Trump has throughout his presidential career fought the Federal Reserve and its chair Jay Powell with public bluster and verbal threats to try to get his way on interest rates.
But on Monday night the US president took his assault on the world’s most important central bank to the next level, saying he would remove governor Lisa Cook from office with “immediate effect”.
Trump’s late-night putsch represents one of the gravest challenges to the Fed since it became independent 74 years ago, and marks a stunning escalation in the president’s attack on the US economic establishment.
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