New Developments in Trump’s Attempt to Fire a Fed Board Member

There is a good deal of confusing analysis regarding developments in President Trump’s effort to fire Federal Reserve governor Lisa Cook. The issue is pressing because the Federal Open Markets Committee (FOMC) is scheduled to meet on Tuesday and Wednesday of this week.

The FOMC is the Fed’s main monetary-policymaking body. There is anticipation about this week’s meeting because the president has been pressuring for a rate cut, a cut — probably of 250 basis points — is expected (despite some disturbing inflation news last week), and because Cook is a Biden-appointed voting member whom Trump is hoping to block from participation in the meeting.