Why Inflation Hawks and Doves No Longer Follow Party Lines
Donald Trump gained an unexpected ally Monday in his fight with the Federal Reserve: Governor Lisa Cook, the Fed official he attempted to fire this summer.
Cook, a Biden appointee who is actively suing to block Trump’s removal attempt, delivered a speech arguing that ”the downside risks to employment are greater than the upside risks to inflation”—precisely the position Trump has been advocating for months as he pressures the Fed to cut rates more aggressively.
The alliance is awkward at best. Cook’s case against Trump is headed to the Supreme Court in January and is widely seen as a crucial test of Fed independence. Yet on the core question dividing the central bank—whether to prioritize fighting inflation or supporting the labor market—she finds herself aligned with three governors nominated by Trump and at odds
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