Trump on Monday said he intended to fire Cook, who in 2022 was confirmed as the first Black woman to serve on the independent Federal Reserve Board, which sets U.S. monetary policy and regulates fina...

The unprecedented step could test the boundaries of presidential power over the independent monetary policy body should it be challenged in court.

But beyond that, doubts over the credibility of Fed policy are bound to intensify, and that will surely come back to bite markets.