Apart from rattling financial markets, the president's announcement is likely to touch off an extensive legal battle that will probably go to the Supreme Court.

Federal Reserve Governor Lisa Cook addressed President Donald Trump's announcement that he had fired her, saying she would not resign from the Fed's seven-member board. Trump on Monday cited alleged mortgage-related misconduct when he said he had fired Cook,

Cook says the US president "has no authority to do so" in defiance of Trump's escalatory move against the central bank.