Donald Trump announced that he would sack Lisa Cook from the Federal Reserve’s board of governors, the first time a president has formally tried to dismiss a sitting governor from the central bank. Mr Trump said he had “cause” amid allegations that Ms Cook had lied on her mortgage applications (no charges have been brought). Ms Cook’s lawyers said she would fight her removal and insisted that the president lacked the authority to fire her. The matter will probably be decided in the Supreme Court; in May it all but confirmed that Fed governors can be removed only for cause.