Unhedged The Fed under attack
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Aug 26, 2025 
Claire Jones, the US economics editor for the Financial Times, sheds light on the recent turmoil surrounding the Federal Reserve, spotlighting Governor Lisa Cook's turbulent tenure and the intense political pressures she faces. The discussion covers the controversial allegations of mortgage fraud against a board member, raising questions about the Fed's independence. Jones also shares insights from the Jackson Hole conference, revealing how external political whispers might impact financial markets and economic stability, all punctuated by a fire alarm interruption!
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Presidential Attack On The Fed
- Donald Trump publicly claimed he had fired Fed Governor Lisa Cook, escalating long-running attacks on the Fed.
- The episode frames this as a serious threat to central bank independence with global implications.
Who Is Lisa Cook
- Claire Jones explains Lisa Cook is a Fed governor appointed in 2022 and the first Black woman on the board.
- She has generally voted with Chair Jay Powell since joining the Fed.
Allegations From A Trump Ally
- Bill Pulte, a Trump aide, publicly alleged mortgage fraud by Lisa Cook based on two property purchases in 2021.
- Cook immediately denied the claims and said she would gather paperwork to respond.