Lisa Cook was nominated to the Fed's governing board by former president Joe Biden

US Federal Reserve Chair Jerome Powell left the door open to interest rate cuts in a keenly watched speech Friday, balancing risks to the economy as President Donald Trump intensifies pressure on the central bank.

US President Donald Trump expanded pressure on the Federal Reserve on Monday by moving to fire Governor Lisa Cook "effective immediately", a step the independent central bank official said he had "no authority" to take.

Donald Trump's move to fire Federal Reserve Governor Lisa Cook has marked a dramatic escalation in his effort to control the US central bank -- in a step that puts the institution's independence at risk.