Overview

• An appeals court refused to let the administration oust Lisa Cook, leaving her in place under a prior ruling that limits removals of Fed governors to for-cause grounds tied to their service.
• President Trump cited alleged false statements on mortgage applications as his reason for removal, which Cook denies and says occurred before her 2022 arrival at the Fed.
• The White House is likely to seek emergency relief from the Supreme Court while Cook’s lawsuit continues.
• In a 48–47 vote, the Senate confirmed Trump economic adviser Stephen Miran to a temporary Fed board seat running through January 2025.
• Cook is expected to participate in the two-day policy meeting starting Tuesday, and analysts anticipate the first rate cut since December 2024.