President Donald Trump's attempt to fire a member of the Federal Reserve's governing board has raised alarms among economists and legal experts who see it as the biggest threat to the central bank's independence in decades.

The consequences could impact most Americans' everyday lives: Economists worry that if Trump gets what he wants — a loyal Fed that sharply cuts short-term interest rates — the result would likely be higher inflation and, over time, higher borrowing costs for things like mortgages, car loans and business loans.

Trump last Monday sought to fire Lisa Cook, the first Black woman appointed to the Fed's seven-member governing board. It was the first time in the Fed's 112-year history that a president has tried to fire a governor.

Trump said he was doing so because of alle

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