The Trump administration is pursuing wholesale change at the Federal Reserve with a ruthlessness and creativity that few Fed watchers could have imagined.

Why it matters: The president's demands for lower interest rates are not just rhetoric, and his attacks aren't limited to insults of chair Jerome Powell. • Rather, the administration is pursuing a sophisticated, multifront war to try to install loyalists atop the Fed much faster than normal turnover would allow.

The big picture: Wednesday morning, the top housing finance regulator posted a criminal referral accusing Federal Reserve governor Lisa Cook of mortgage fraud. She allegedly has mortgages on two separate homes, each of which she claims is her primary residence. • We saw the first glimpses of the strategy last month, with cl

See Full Page