The Supreme Court upholds Fed independence by saving Lisa Cook’s job—and also saves U.S. debt from a crisis

(Credit: David Paul Morris—Bloomberg/Getty Images)

The Federal Reserve retains a special status in the government that shields it from interference by the White House, the Supreme Court said in a decision that has critical implications for the bond market.

Justices ruled 5–4 on Monday that President Donald Trump was wrong to try ousting Fed Governor Lisa Cook last August because she didn’t receive due process.