Cook firmly rejected the president's decision, emphasizing that “No reason exists in the light of the law” and that Trump has no right to release it.
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Trump releases a member of the Fed. Markets have reacted. The expert warns
– I will continue my work for the American economy as I have done since 2022. She said. Her legal representative became Abbe Lowell, known among others from representing Jared Kushner and Hunter Biden.
This is another Trump's conflict with the Central Bank after months of sharp attacks on his boss Jay Powell, whom he called the “stubborn mule” for keeping interest rates. Earlier, Trump also dismissed the head of the work statistics office after the publication of a poor employment report.
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– It is an act of aggression that violates the independence of the Fed and undermines the foundations of the American institutional system – assessed prof. Eswar Pragad from the University of Cornella. Senator Elizabeth Warren called Trump's actions “an authoritarian attack on the independence of the central bank”, calling for their annulment in court.
Trump's decision caused an immediate response to the markets: The dollar weakened by 0.3 percent towards currency basket, and the profitability of 30-year tax bonds increased to 4.94 percent. Economists define the president's step as an unprecedented attack on the independence of the Fed, a key institution for global finance stability.
