President Trump moved to fire Fed governor Lisa Cook last night. • Why it matters: It's legally unclear if the president has that power. So Trump touched off a historic legal fight that threatens the central bank's political independence.

Zoom out: Trump cited Article II of the Constitution and the Federal Reserve Act of 1913 to tell Cook she was "removed" from her position, "effective immediately," according to a letter the White House rapid response team shared on X. • Bill Pulte — the head of the Federal Housing Finance Agency, who has been among the most outspoken among Trump officials about the Fed — alleged in a letter earlier this month that she "falsified bank documents and property records to acquire more favorable loan terms, potentially committing mortgage fraud."

The big

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