President Donald Trump sent shockwaves through global markets Monday night by saying he would fire Federal Reserve Board Governor Lisa Cook.

Trump's decision not only put investors and economists on alert, but brought attention to the complicated innerworkings of the U.S. central bank. It also marks the latest escalation of Trump's monthslong pressure campaign against the Fed, historically politically independent, to lower interest rates.

Here are the key facts to know:

Why do we follow the Federal Reserve?

The Federal Reserve manages monetary policy for the United States. Its dual mandate , set out in a 1977 act of Congress that amended the Federal Reserve Act , is to maximize full employment and ensure stable prices. Because the U.S. is home to the world's largest economy, th

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