This is instance where precise language matters. Trump is attempting to fire Lisa Cook for what he claims is cause. The claim is at best an allegation + will be in dispute and I suspect it will not be resolved quickly. So any news organization that reports “Trump fires Cook” is to be shunned.
The message to the other Fed governors has been sent. The final outcome is not the point, so no, precise language does not matter. Any perception the Fed is not able or willing to act independently will bring the pain in longer term rates. A masterclass in shooting one’s own foot.
You won’t have much to read if you do that.
Hear, hear!
Even if this specific case isn’t resolved quickly, why should the markets continue to give Trump the benefit of doubt and think the Fed will be able to stay independent, fending off every Trump attack successfully?