Overview

• After a two-hour hearing on Friday, a federal judge issued no ruling, requested additional briefing, and Lisa Cook remains in place for now under an expedited schedule.
• Trump cites 2021 mortgage paperwork alleging dual primary residences as grounds for removal; Cook has not been charged, calls the claim a pretext, and is seeking an injunction under the Federal Reserve Act’s for‑cause standard.
• ECB President Christine Lagarde warned that undermining Fed independence poses a very serious risk to the U.S. and global economies, even as she said fully seizing control of Fed policy would be very difficult.
• Economists say political pressure to slash rates could stoke inflation and raise long-term borrowing costs, and recent market moves reflect sensitivity to threats against central-bank independence.
• Trump has said replacing Cook would hand his appointees a 4–3 board majority, while a separate appeals court finding most of his tariffs illegal—left temporarily in force pending appeal—has added to policy uncertainty.