Court Halts Trump’s Bid to Oust Fed Governor Ahead of Key Rate Meeting
A U.S. federal appeals court has temporarily allowed Federal Reserve Governor Lisa Cook to remain in her role, rejecting former President Donald Trump’s push to remove her. The 2-1 ruling stated there’s "no need" to immediately decide if allegations against Cook meet the legal standard for dismissal. 🚨
The decision leaves the Trump administration with only hours to appeal to the Supreme Court before the Fed’s critical interest rate meeting begins Tuesday. If no action is taken, Cook will vote at the Federal Open Market Committee gathering—a high-stakes event shaping U.S. economic policy. 📉
Background & New Fed Appointment
This follows a September 9 federal judge’s order reinstating Cook after Trump’s removal attempt. Meanwhile, the Senate confirmed Stephen Miran, a Trump economic adviser, to the Fed board in a tight 48-47 vote. Miran replaces Adriana Kugler and will serve through January, balancing his unpaid Fed role with leading the White House Council of Economic Advisers. 💡
Analysts say the rulings highlight escalating tensions over Fed independence as it navigates inflation and recession risks. Stay tuned for updates on this week’s rate decision! 🌍📊
