President Trump has been open about his desire for lower interest rates and anyone worried about him undermining Fed independence was surely already concerned. Telling Lisa Cook that she’s fired adds little new information so investors just aren’t that bothered, writes The Wall Street Journal's James Mackintosh. Overseas, the Philippine central bank lowered its policy rate for a third consecutive time to bolster the economy, and South Korea’s central bank held interest rates steady for a second straight meeting, reflecting caution over financial-stability risks.

Why don’t the markets care more about President Trump’s unprecedented attempt to fire a Federal Reserve governor? The yield on the 30-year Treasury initially rose a mere 0.05 percentage points after the president’s most serious assault yet on the independence of the central bank, before paring back the rise. Investors just aren’t that bothered.

Lots of smart commentators, including my colleague Greg Ip, think markets should be more concerned. Here are five good reasons why they shouldn’t be—and one reason why, perhaps, they should, writes James Mackintosh for The Wall Street Journal.

There is an elephant of sorts in Stephen Miran’s corner office on the White House campus. Someone has placed on an easel a blown-up, poster-size printout of President Donald Trump’s Aug. 7 Truth Social post announcing that Miran, currently chair of the Council of Economic Advisers, will be the nominee to take a temporary open seat on the Federal Reserve’s board of governors. Miran won’t take questions about the Fed, however, given his pending nomination. The administration wants the Senate to vote on his candidacy before the Fed’s next policy committee meeting on Sept. 16-17. (Barron's)

Bank of Japan Policy Board member Junko Nakagawa reiterated the bank's intention to pursue further interest-rate increases, while flagging the impact of higher U.S. tariffs as a major concern. As trade-related uncertainties and its impact on global markets linger, "the bank will make monetary policy decisions as appropriate by continuing to carefully assess data and information as it becomes available," Nakagawa said Thursday in a speech to business leaders in Yamaguchi Prefecture, at the western end of Japan's main island. She emphasized the significance of the upcoming Tankan corporate survey results in assessing how progress in trade negotiations has affected Japanese companies' sentiment in recent months. (Dow Jones Newswires)

8:30 a.m.: 2nd estimate GDP
8:30 a.m.: Unemployment Insurance Weekly Claims Report - Initial Claims
10 a.m.: Pending Home Sales Index
11 a.m.: Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
6 p.m.: Federal Reserve Governor Christopher Waller speaks at Economic Club of Miami Dinner

9:45 a.m.: Chicago Business Barometer - ISM-Chicago Business Survey - Chicago PMI
10 a.m.: University of Michigan Survey of Consumers - final
7 p.m.: U.S. global tariff exemption for low-cost goods ends

Threats to the Federal Reserve's independence and a worsening U.S. budget deficit are structural stress factors for the dollar, Commerzbank's Antje Praefcke says in a note. President Trump's move to fire Fed Governor Lisa Cook raised fresh concerns about the central bank's independence, which is "essential for maintaining the value of a currency," she says. A central bank must make painful decisions to address imbalances in the economy, she says. The dollar is also facing a hit from U.S. debt sustainability concerns. Trump's tax and spending bill could end up being more expensive than currently planned. While some tax breaks are supposed to be temporary, past experience shows it's difficult to reverse these concessions when expiry approaches, she says. — Renae Dyer

• U.S. crude oil inventories fell for a second consecutive week, while gasoline and distillate stocks declined as refineries reduced their capacity use, according to data released Wednesday by the U.S. Energy Information Administration.
• Confidence in the eurozone’s economic outlook fell back as sluggish growth weighed on sentiment, with little hope of a major rebound ahead, surveys of households and business showed.
• Britain’s post-Brexit visa program, meant to attract lower numbers of skilled workers, soon backfired. The debacle drew populist Nigel Farage back into politics.

WSJ Pro Central Banking brings you central banking news, analysis and insights from WSJ’s global team of reporters and editors. This newsletter was compiled by markets reporter Vicky Ge Huang in New York. Send your tips, suggestions and feedback to vicky.huang@wsj.com.