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.

Former Federal Reserve Governor Frederic Mishkin warned that President Trump’s move to fire Federal Reserve Governor Lisa Cook could actually lead to higher interest rates, not lower ones, as Trump might hope.

Futures markets are also expecting a rate cut. Investors peg the chances of a quarter-point interest rate cut at nearly 96%, according to the CME FedWatch Tool, a measure of market sentiment.