“The Trump administration on Friday asserted vast powers to fire members of the Federal Reserve, as it urged a federal judge to reject a request by Lisa Cook, a Fed governor, to remain at the central bank while she contests the legality of her recent dismissal,” the New York Times reports.

“Lawyers for President Trump pressed their case over a roughly two-hour hearing that concluded with no immediate resolution. But the arguments framed the stakes in the emerging legal battle, which may determine the future of the Fed and its ability to set interest rates free from political meddling.”

Don Moynihan: “The consolidation of Trump’s power has happened very quickly, more rapidly than we have seen in other examples of competitive authoritarian systems.”

“His success is driven by two factors. First, Trump learned a lot from his first term and had personnel with detailed plans in place for his second term. Second, people in institutions decided to accept the new arrangements.”