I Wasn’t Very Worried About the Fed. Now I Am.

Earlier this month, I wrote a column downplaying the threat that President Donald Trump poses to the Federal Reserve’s independence. Now I’m much more worried. I think markets should be, too.

It’s too soon to reach any firm conclusion about how the president’s move to oust Fed Governor Lisa Cook will play out. Dismissal “for cause” will entail lengthy court proceedings, and is likely to require evidence of malfeasance or neglect in the conduct of her official duties. Even if proven, the administration’s claim — that Cook violated the law before her time in office by designating two different homes as her primary residence when applying for mortgages — probably wouldn’t meet the test.