In light of the uncertainty regarding the Fed's interest rate cut during the September FOMC meeting, U.S. President Donald Trump fired Fed Governor Lisa D. Cook on Monday. This is the first time in U.S. history that the White House has fired a voting member of the Fed.
However, Federal Reserve Governor Cook has decided to take legal action against Trump's order. She claims that President Trump has no authority to fire her and that she will not resign. Her lawyer stated that they plan to take all necessary measures to prevent Trump's illegal action.
It will be interesting to see how Bitcoin and cryptocurrency markets react as investors await a change in monetary policy from the Fed. According to data from the CME Watch Tool, the current probability of a 25 basis point rate cut is 84.7%.