Overview

• U.S. District Judge Jia Cobb issued a temporary restraining order requiring Chair Jerome Powell and the Fed Board to keep Cook in office and allow her to participate in next week’s policy meeting, where markets widely expect a rate cut.
• The court found the removal likely violated the statute’s for‑cause limit, emphasizing that alleged conduct before Cook joined the Fed does not qualify and flagging potential due‑process defects.
• The White House said the ruling is not the final word and has begun an appeal to the D.C. Circuit, with the dispute expected to move through higher courts.
• The Justice Department has opened a criminal inquiry tied to mortgage‑fraud allegations advanced by FHFA official William Pulte, issued grand‑jury subpoenas in Georgia and Michigan, and Cook denies wrongdoing and has not been charged.
• Separately, the Senate advanced Trump nominee Stephen Miran for a Fed Board seat; if Cook were replaced, Trump could gain a 4–3 Board majority, intensifying concerns over central‑bank independence.