Federal Reserve chair Jay Powell faced down one big threat last week, repelling Donald Trump’s pressure for drastic rate cuts even while the US president’s top ally on the central bank’s board was pressing for more.
But the central bank’s leaders will now confront a perilous few weeks as they await a Supreme Court decision on whether Fed governor Lisa Cook can be removed from office while her legal challenge against Trump’s decision to sack her winds through the US court system.
Officials are increasingly worried that if the Supreme Court allows for Cook’s removal, even temporarily, it will give the president the green light to begin picking off the central bank’s most senior officials one by one.
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