Markets continue to focus on whether the Federal Reserve can maintain its independence, after U.S. President Trump pushed for the removal of Federal Reserve Governor Cook, intensifying market concerns about the Fed's independence.

On Monday, Trump ordered the dismissal of Federal Reserve Governor Cook, and Cook's lawyer stated on Tuesday that she would file a lawsuit against this decision.

Trump has repeatedly criticized Federal Reserve Chairman Powell and other policymakers for failing to lower interest rates. The market interpreted Powell's speech at the Jackson Hole annual meeting last week as hinting that a rate cut might be imminent.

This has led investors to increase their bets on a rate cut next month, with traders pricing in an 84% probability of a Fed rate cut in September and expecting a cumulative rate cut of more than 100 basis points by June 2026.

Additionally, according to informed sources, the Trump administration is studying relevant plans to strengthen its influence over the 12 regional Federal Reserve banks.