President Trump’s attempt to fire Lisa Cook has laid bare the erosion of the Federal Reserve’s independence, which could lead to economic consequences for Americans, The New York Times’s chief economics correspondent explains.

Many economists worry that if the Fed falls under the control of the White House, it will keep its key interest rate lower than justified by economic fundamentals to satisfy Trump’s demands. That could allow inflation to rise more quickly and could also push up longer-term interest rates,

The attacks on the Federal Reserve’s independence that President Donald Trump ramped up this week are driven by his desire for lower interest rates. The president has argued that the Federal Reserve should slash the federal funds rate to 1%,

Trump's push to reshape the Fed by 2026 could spark aggressive rate cuts, boosting small caps, crypto, and gold.