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Fortune
Fortune
Eleanor Pringle

The first battle in the war on Fed independence takes shape today at Lisa Cook’s emergency hearing

Lisa Cook Lisa D Cook Donald Trump Jerome Powell Bill Pulte the Federal Reserve Board Fortune Jim Reid Pam Bondi
Lisa DeNell Cook, nominee to be a member of the Board of Governors of the Federal Reserve System, is sworn in during a Senate Banking nominations hearing on June 21, 2023 in Washington, DC. (Credit: Drew Angerer—Getty Images)
  • ANALYSIS: Fed governor Lisa Cook sued President Trump after he claimed to have removed her from office, setting up an emergency court hearing today over the central bank’s independence. Markets so far expect her to prevail, with Deutsche Bank’s Jim Reid noting traders see little risk of her being ousted, while Wharton’s Jeremy Siegel said the fight has added “noise but little substance” to monetary policy.

The current battle over the Fed’s independence from the White House has boiled down to Cook v. Trump. Literally.

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