Overview

• Trump posted a White House letter on Truth Social removing Cook effective immediately, citing accusations referred by Federal Housing Finance Agency director Bill Pulte.
• Pulte alleged Cook claimed two properties as primary residences in 2021 in Ann Arbor, Michigan, and Atlanta to secure better mortgage terms.
• Cook has denied wrongdoing and refused to resign, and legal analysts say she could challenge the ouster in court given statutory limits on removing Fed governors for cause.
• News outlets report the Department of Justice is reviewing or preparing to investigate the mortgage allegations, elevating the dispute beyond politics.
• Market commentators warn the intervention threatens the Fed’s independence and could pressure the dollar, while advisers say a decision on a successor to Chair Jerome Powell may take months.