Supreme Court Blocks Trump's Firing of Fed Governor Lisa Cook in Win for Central Bank Independence

The Supreme Court ruled 5-4 to block President Trump from firing Federal Reserve Governor Lisa Cook, reinforcing the Fed's independence. The decision is a setback for Trump's push for lower interest rates as inflation remains elevated.

• Supreme Court ruled 5-4 that Trump cannot fire Fed Governor Lisa Cook, upholding for-cause removal protections
• Chief Justice Roberts wrote that allowing removal 'at any time and for any reason' would undermine Fed independence
• Trump had fired Cook over alleged mortgage fraud; the case now returns to lower courts for fact-finding
• The decision limits Trump's ability to reshape the Fed board as he pushes for rate cuts
• PCE inflation hit 4.1%, its highest since 2023, and Polymarket shows 53% chance of a Fed rate hike this year

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