President Donald Trump's attempt to fire Federal Reserve Governor Lisa Cook is unlikely to affect the U.S. central bank's path toward cutting interest rates next month, but it creates new uncertainties about what happens after that meeting amid the unprecedented attack on the Fed's independence.

Morgan Stanley now anticipates the Federal Reserve will start lowering interest rates as early as September, following a notable shift in tone from Chair Jerome Powell at Jackson Hole. “We now forecast Fed rate cuts beginning in September,

Still, Powell’s remarks suggest the Fed will proceed carefully in the coming months and will make its rate decisions based on how inflation and unemployment evolve. The Fed has three more meetings this year, including next month, in late October, and in December, and it’s not clear whether the Fed will cut at all those meetings.