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[–><!–>Mr. Trump has made no secret of his desire to reshape the top ranks of the Fed, repeatedly lashing out at Mr. Powell and his colleagues for keeping interest rates too high.–><!–>
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[–><!–>Mr. Trump’s first opportunity to remake the Fed roster came sooner than expected with the resignation of Adriana D. Kugler. He is working to create another with the firing of Lisa D. Cook over allegations of mortgage fraud. Fed governors can be fired only “for cause,” generally understood to mean gross misconduct.–><!–>
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[–><!–>Ms. Cook, who has not been charged with wrongdoing or convicted of a crime, said she would not leave, and her lawyer said she would sue to challenge the dismissal. In a statement, a spokesman for the Fed emphasized the central bank’s independence but said it would “abide by any court decision.”–><!–>
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[–><!–>During last month’s meeting, Christopher J. Waller and Michelle W. Bowman, both Trump appointees, voted against the central bank’s decision to leave interest rates unchanged, preferring instead to cut rates.–><!–>
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[–><!–>In a twist of timing, Mr. Powell just last week gave his strongest indication yet that the central bank was ready to resume rate cuts as soon as September.–><!–>
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Source: Elections - nytimes.com
