- The Supreme Court, in a 5-4 decision, blocked President Trump from removing Federal Reserve Governor Lisa Cook, saying he failed to give required procedural protections and reaffirming that Fed governors can be removed only "for cause," preserving the Fed's institutional independence.
- Trump pointed to alleged mortgage fraud as his reason for the ouster; Cook called the claims a pretext tied to policy disputes, saying she refused to bow to political pressure over interest-rate decisions.
- The ruling — coming amid other high-profile limits and expansions of presidential power this term — matters for markets because it helps keep the Fed free to set interest rates without direct political interference.
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