Trump ratcheted up his pressure campaign this week, calling on Fed Governor Lisa Cook to resign after a Trump administration official alleged that she had committed mortgage fraud. Cook rebuked the push for her to quit, saying she has “no intention of being bullied to step down from my position because of some questions raised in a tweet.”

The Federal Reserve notes the balance of risks to the U.S. economy may warrant a shift in policy stance – in other words, a rate cut. Read more here.

If inflation starts climbing again after a rate cut, “the Fed will have to reverse course—and in the worst case, start hiking again,” Slok said.