Overview

• By a 2–1 decision, the D.C. Circuit denied the administration’s emergency bid and ordered Lisa Cook remain in office for the imminent policy meeting.
• The White House said it will appeal the ruling and maintains Cook was lawfully removed for cause, while the Justice Department inquiry into mortgage‑fraud allegations continues without charges.
• Stephen Miran was confirmed by the Senate in a 48–47 vote and sworn in the same day, giving him one of 12 votes on the FOMC for this decision.
• Traders largely expect a 25‑basis‑point cut to a 4.00%–4.25% range, according to CME FedWatch probabilities referenced across market coverage.
• Economists and lawmakers warned that attempts to oust a sitting Fed governor challenge statutory for‑cause protections and raise concerns about central‑bank independence.