Trump’s Cook firing will likely end up in the Supreme Court’s hands

Key Points

President Donald Trump’s attempt to fire Fed Governor Lisa Cook will likely end up before the Supreme Court, Wall Street economists and analysts say.
The Federal Reserve Act allows presidents to remove Fed governors “for cause,” but the statute is ambiguous about what this means.
If Trump successfully ousts Cook, he would be on a path to gain a Fed majority and reshape the Federal Open Market Committee, giving him more influence over rates.

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