Washington —

President Donald Trump late Monday fired a top Federal Reserve official, Governor Lisa Cook , citing allegations of mortgage fraud . But for all his recent attacks on the Fed, Trump is unlikely to take what would be the nuclear option against the central bank — firing Chair Jerome Powell, whom Trump has slammed for not yet cutting interest rates this year.

Such a move would likely tank financial markets and deal a serious blow to the Fed’s independence from politics, which has helped it successfully fight periods of high inflation and high unemployment in past decades.

The fact Trump has fired Cook instead of Powell shows the president recognizes there are severe economic consequences to sacking the Fed chief – but it doesn’t mean Trump is completely backing off.

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