President Donald Trump is intensifying his efforts to control the Federal Reserve, making headlines with his move to fire Governor Lisa Cook, a historic first for the institution.
Criticizing Fed Chair Jerome Powell, Trump claims high interest rates are damaging the economy and the housing market, urging for cuts to stimulate growth and affordability.
Secretary of Transportation Sean Duffy's announcement to reclaim management of Union Station from Amtrak underscores the administration's broader ambition to assert federal power in Washington.
Powell's remarks at the influential Jackson Hole economic symposium hint at the possibility of rate cuts, reflecting the Fed's cautious stance amid rising unemployment and economic uncertainty.
The tension between Trump and the Federal Reserve raises questions about the central bank's independence, as political pressures challenge its traditionally insulated decision-making process.
Ongoing investigations into Governor Cook, tied to allegations of mortgage fraud, further complicate the narrative, illuminating internal strife within the Fed and its governance.