Attorneys for Cook wrote in filings that trying to remove her so close to this week’s meeting could throw the central bank’s vote on interest rates into “chaos” and has the “real potential of impacting domestic and foreign markets.” Cook’s attorneys added in a Saturday filing that allowing Trump’s firing would transform the Fed “from a historically independent institution into an at will body, leaving the nation’s central bank (and its monetary policy) at the mercy of the White House and its political whims.” “historically independent institution”…….. 🫠 image

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Another good excerpt - “Congress set up the agency to act with political autonomy from the president so it could be free to make necessary, but often unpopular, decisions such as raising interest rates”. #politicalatonomy #1913 #secretmeeting