Trump orders removal of Federal Reserve governor

US President Donald Trump has said he will immediately remove Federal Reserve official Lisa Cook from her position, in a major escalation in his battle against the US central bank.

He said there was "sufficient reason" to believe Cook had made false statements on mortgage agreements, and cited constitutional powers which he said allowed him to remove her.

In response, Cook said Trump had no authority to fire her and she would not resign.

It is an unprecedented move for the president to dismiss a member of the central bank's leadership, and comes as Trump has put increasing pressure on the Fed - especially its chair Jerome Powell - over what he sees as an unwillingness to lower interest rates.