The Fed's Jerome Powell plans to attend Supreme Court argument on Lisa Cook case, says source

"Powell plans to attend the high court's Wednesday session, according to a person familiar with the matter, who spoke on condition of anonymity.It's a much more public show of support than the Fed chair has previously shown Cook. But it follows Powell's announcement last week that the Trump administration has sent subpoenas to the Fed, threatening an unprecedented criminal indictment of the Fed Chair."

"Powell issued a video statement Jan. 11 condemning the subpoenas as "pretexts" for Trump's efforts to force him to sharply cut the Fed's key interest rate. Powell oversaw three rate cuts late last year, lowering the rate to about 3.6%, but Trump has argued it should be as low as 1%, a position few economists support.The Trump administration has accused Cook of mortgage fraud, an allegation that Cook has denied."

Jerome Powell will attend the Supreme Court oral argument over President Trump's attempt to fire Federal Reserve governor Lisa Cook. The case concerns Trump's effort to remove one of the seven Fed governors. The Trump administration has sent subpoenas to the Fed and threatened a criminal indictment of the Fed Chair. Powell condemned the subpoenas as "pretexts" to force interest-rate cuts. The administration has accused Cook of mortgage fraud, an allegation she denies. Cook sued to keep her seat, and the Supreme Court allowed her to remain on the board during review. If Cook is removed, the President could appoint a replacement and gain a majority on the Fed board.

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