Supreme Court temporarily blocked Trump's firing of Lisa Cook pending full legal review.

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The Supreme Court issued a temporary administrative stay blocking Trump from firing Cook while litigation proceeds. This isn't a final ruling on merits—just preserving status quo during appeals. Justice Clarence Thomas would have denied the stay. The Court scheduled oral arguments for January 2026. A final decision could: (1) uphold "for cause" removal protections, preserving Fed independence; (2) let presidents fire Fed governors at will, ending independence; or (3) create a middle ground requiring evidence of statutory violations. Financial markets are pricing in uncertainty—every day of litigation adds volatility to bond yields and dollar exchange rates.

Supreme Court temporarily blocked Trump's firing of Lisa Cook pending full legal review.

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