Fed Governor Lisa Cook’s $1.3M legal bill tests independence amid political pressure

Fed governor Lisa Cook faced more than $1.3 million in legal and security costs after being targeted by the Trump administration; she was briefly reinstated by a federal court, but the firing remains before the Supreme Court, a case that tests the Fed’s independence from politics. Meanwhile, the Fed held rates steady and signaled a possible year-end hike as inflation concerns persist, with Trump ally Kevin Warsh having limited influence on the board.