Steven McClurg, chief investment officer of Valkyrie Funds LLC, speaks during the Exchange ETF Conference in Miami Beach, Florida, U.S., on Wednesday, April 13, 2022. The Exchange is an annual gathering for ETF-centric advisors and the ETF industry. Photographer: Eva Marie Uzcategui/Bloomberg via Getty Images

The relatively muted move in rates comes against the backdrop of a legal clash between President Donald Trump and Fed Governor Lisa Cook. Some worry the fight could not only jeopardize the Fed’s political independence but may also lead to higher mortgage rates in the future.

Cook’s role is lower-profile than Powell’s, but law experts and former Fed officials tell Bankrate that firing her could carry the same dangers: weakening the Fed’s independence and ultimately costing consumers by raising interest rates — and prices.

A case that could provide the Trump administration with new and expansive power over the traditionally independent Federal Reserve will get its first court hearing Friday. Federal Reserve Governor Lisa Cook has requested an emergency injunction to block President Donald Trump's attempt to fire her over allegations that she committed mortgage fraud when she purchased a home and condo in 2021.

Michael Moskow told Elite Street that he’s found a buyer, and the deal is expected to close in the next several weeks.

The Federal Reserve is facing pressure on two fronts as inflation picks up and the labor market shows signs of slipping. Sevens Report Research founder Tom Essaye joins Opening Bid to explain why this puts the central bank in a difficult policy spot heading into the fall.

If Miran joins the board, his extensive critiques of the central bank would make him a rare iconoclast within an institution that strives for consensus.