Overview

• Trump posted an official letter on Truth Social accusing Cook of making false statements on mortgage applications and calling her conduct "gross negligence."
• The claims were publicly raised by FHFA chief William Pulte, the Justice Department says it is reviewing the matter, and detailed public evidence has not been produced.
• Cook, through attorney Abbe Lowell, calls the order unsupported by law or facts, plans to sue, and says she will continue to perform her duties.
• Legal analysts cite statute and recent Supreme Court guidance that Fed governors can be removed only "for cause," setting up likely judicial review.
• Financial markets showed stress, with the dollar weakening and stocks slipping, as investors questioned the Federal Reserve’s independence and policy credibility.