U.S. President Trump stated on Monday that he has fired Federal Reserve Governor Lisa Cook. He will publish the termination letter to Cook on his personal social media, marking the first instance in the 111-year history of the Federal Reserve where a president has fired a Federal Reserve governor.

This unprecedented action signifies a substantial escalation of pressure from the Trump administration on the Federal Reserve. Previously, this U.S. President had consistently criticized the Federal Reserve for being too slow in its interest rate cuts and failing to meet his policy demands.

Cook's legal team provided a statement to CNN on Monday evening quoting Cook as saying, "President Trump claims to have fired me for 'just cause,' but there is no legal basis for this, and he has no authority to do so. I will not resign. Since taking office in 2022, I have been committed to supporting the U.S. economy and will continue to fulfill my duties in the future."