Economists have long preferred independent central banks because they can more easily take unpopular steps to fight inflation.

A Justice Department official is set to probe Federal Reserve Governor Lisa Cook after she was accused by a member of President Donald Trump’s administration of committing mortgage fraud, according to a letter sent Thursday to Fed Chair Jerome Powell.

WASHINGTON — President Trump appointed one of his top economic advisers to serve on the Federal Reserve Board of Governors Thursday — after months of pressuring Fed Chairman Jerome Powell to resign or demanding the board stage a coup to lower interest rates.

The president’s call appears to be his latest effort to influence the central bank board as he demands lower interest rates.