Summary
Federal Reserve Chair Jerome Powell will attend a Supreme Court session about whether President Trump can fire Fed governor Lisa Cook. Powell is showing open support for Cook during this legal case. The decision could affect the balance of power on the Fed's board.
Key Facts
- Fed Chair Jerome Powell will attend a Supreme Court hearing about the possible firing of Fed governor Lisa Cook.
- President Trump has expressed a desire to remove Cook from her position on the Fed’s board.
- Powell's attendance is notable as it is a public show of support for Cook.
- Powell has criticized subpoenas from the Trump administration aimed at pressuring for interest rate cuts.
- President Trump argues for lower interest rates than what economists usually support.
- The Trump administration has accused Cook of mortgage fraud, but no charges have been filed.
- The Supreme Court has temporarily allowed Cook to remain in her position while they consider the case.
- Removing Cook could allow President Trump to appoint a majority on the Fed's board, influencing its decisions.
