Trump orders the dismissal of the Federal Reserve governor

US President Donald Trump has said he will immediately fire Federal Reserve official Lisa Cook, a major escalation in his battle against the US central bank.

He said he had "sufficient reason" to believe Cook had made false statements about the mortgage agreements and cited constitutional powers which, he said, allowed him to fire him.

In response, Cook has said that Trump does not have the authority to fire her and she will not resign.

It is an unprecedented move for the president to fire a member of the central bank's leadership and comes at a time when Trump has been putting increasing pressure on the Federal Reserve - particularly its chairman Jerome Powell, over what he sees as a lack of willingness to cut interest rates./ CNA

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