What's at stake in the effort to fire Lisa Cook from the Fed before allegations of wrongdoing have been proven? Ken Rogoff, whose research 40 years ago laid out the case for an independent central bank, says losing this case is a "nightmare scenario" He and others worry an erosion of the Fed’s independence would lead investors to anticipate higher inflation and, as a result, raise long-term U.S. interest rates. “But how dramatically that unfolds, I hesitate to say. It’s not going to happen overnight,” said Rogoff. “It’s a long-term catastrophe, but short term, it might not be.” https://www.wsj.com/economy/central-banking/fed-lisa-cook-supreme-court-trump-66fdd1b0?st=Xhkwh4&reflink=desktopwebshare_permalink(Nick Timiraos)