Investors are salivating over rate cuts as Trump's firing of Lisa Cook opens the door for a GOP Fed majority: 'This is very positive'

President Donald Trump’s attempt to fire Federal Reserve Governor Lisa Cook has triggered a legal showdown over the central bank’s independence. But on Wall Street, at least some investors aren’t worried about institutional norms; instead, they’re excited about the prospect of cheaper money over time.

“This is very positive,” Jay Hatfield, CEO of Infrastructure Capital Advisors, told Fortune . “The simple way to say it is that eliminating Fed incompetence is far more important than defending alleged Fed independence. The Fed has always been political; it’s only Trump who talks about it in public.”

Indeed, markets largely shrugged off the announcement, to the bewilderment of some economists: Robin Wigglesworth of FT Alphaville argued markets are being “preposterously sanguine.”

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