Investors are salivating over rate cuts as Trump’s attempt to fire Lisa Cook opens the door for a GOP Fed majority: ‘This is very positive’

Lisa Cook, member of the Board of Governors of the US Federal Reserve, attends a Federal Reserve Board meeting and sits with pursed lips in a black suit. (Credit: SAUL LOEB—AFP/Getty Images)

President Donald Trump’s attempt to fire Federal Reserve governor Lisa Cook has triggered a legal showdown over the central bank’s independence. But on Wall Street at least, some investors aren’t worried about institutional norms; instead, they’re excited about the prospect of cheaper money over time. 

“This is very positive,” Jay Hatfield, CEO of Infrastructure Capital Advisors, told Fortune. “The simple way to say it is that eliminating Fed incompetence is far more important than defending alleged Fed independence. The Fed has always been political; it’s only Trump who talks about it in public.”