Supreme Court showdown could redefine presidential power over the Fed

The Supreme Court will hear Trump’s bid to fire Fed Governor Lisa Cook next week, a decision that could set a precedent for the president’s ability to oust Fed officials and shape Jerome Powell’s tenure. A Cook loss could boost White House efforts against Powell amid a DOJ probe, while a Cook win would intensify a brinkmanship over Fed independence. Powell faces DOJ subpoenas over a central bank renovation, and markets expect little near-term policy movement, with moves not anticipated before June.