Hey news lovers! A federal appeals court in DC just dealt a major blow to President Trump’s plan to remove Federal Reserve governor Lisa Cook. With a 2-1 decision, the court said there’s no need at this stage to decide if her case meets the for-cause standard for dismissal… yet.
This means the Trump administration has just hours to take the fight to the Supreme Court before the Federal Open Market Committee (FOMC) rate meeting kicks off on Tuesday. If the high court stays silent, Cook will be back in the room, casting votes on interest rates on Tuesday and Wednesday. 🏦
Earlier, a federal judge blocked Trump’s removal order on September 9 and ordered Cook to be immediately reinstated. Now, she’s set to participate in the Fed’s crucial discussions on inflation, jobs, and the economy – and that’s a big deal for markets and investors worldwide.
On the same day, the Senate confirmed Stephen Miran, one of Trump’s top economic advisers, to a seat on the Fed’s governing board by a 48-47 vote. Miran will fill the last few months of Adriana Kugler’s term, which ends in January. Reports say he’ll take unpaid leave from his White House role while serving on the board. ⚖️💼
With these moves, the Fed’s lineup remains in flux – and everyone’s eyes will be on Washington as the central bank tackles tough decisions on rates and economic support. Stay tuned! 🌐✨
Reference(s):
U.S. appeals court lets Lisa Cook remain Fed governor for now
cgtn.com
