Trump's ouster of Cook provides support for stocks and other risky assets, including bitcoin

Tony Sycamore, an IG market analyst, wrote in an email that US President Donald Trump's removal of Lisa Cook as a Fed governor has sounded the alarm about the independence of the central bank. Trump's move marks the first time a sitting Fed governor has faced a presidential removal attempt. In the short term, Cook tends to favor a majority vote on the FOMC, and his departure increases the likelihood of a rate cut by the Fed in September. The prospect is expected to weigh on the dollar and provide support for stocks and other risky assets, including bitcoin.