Overview

• ECB President Christine Lagarde said Trump taking control of the Federal Reserve would be a “very serious” danger to the U.S. and global economy, noting Supreme Court guidance that governors can be removed only for serious cause.
• Fed governor Lisa Cook refused to resign after the White House announced her dismissal and has filed a lawsuit challenging the president’s authority to remove her.
• A Financial Times survey of 94 economists found most believe markets are underestimating the risks from Trump’s attacks and that the dispute has already damaged the Fed’s credibility.
• Treasury Secretary Scott Bessent said the Fed is and should remain independent while criticizing past errors, as the Senate prepares a hearing this week for Trump nominee Stephen Miran to join the Board of Governors.
• The case against Cook stems from mortgage‑fraud allegations raised by FHFA director William Pulte and referred to the Justice Department, which has filed no charges, with Cook’s supporters calling the claims a pretext for reshaping the Fed.