opinion

Lisa Cook, a member of the Federal Reserves Board of Governors, and Fed chair Jerome Powell participate in a roundtable at Spelman College in Atlanta, Dec., 2023. Cook sued President Trump on Thursday over his decision to fire her from the nation's central bank, arguing that the White House had no authority.

John Rapley is a contributing columnist for The Globe and Mail. He is an author and academic whose books include Why Empires Fall and Twilight of the Money Gods .

When U.S. President Donald Trump took the unprecedented step this week to “fire” Lisa Cook, a governor on the Federal Reserve Board, investors shrugged.

While U.S. bond yields fell slightly in the days after the announcement, they mostly seemed to think this is much ado about nothing. Because it’s not clear

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