The U.S. Supreme Court blocked Trump from firing Federal Reserve governor Lisa Cook

The U.S. Supreme Court blocked Donald Trump from removing Federal Reserve governor Lisa Cook, moving the fight over presidential power and central-bank independence into a new judicial phase. The question is larger than one board seat: whether a president can reshape the monetary-policy institution for political reasons. If the boundary around Fed appointments weakens, markets would have to reprice the path of rates, inflation expectations and institutional risk around dollar assets.