Fed & Rates

Trump's push to gain more influence over the Federal Reserve's policy committee has stalled in court and in the Senate, but he retains several potential avenues to reshape the board over time. Fed Governor Lisa Cook, appointed by Joe Biden to a term running until 2038, is fighting a renewed administration effort to remove her over an old mortgage-document dispute after the Supreme Court ruled Trump cannot fire a governor without adequate cause; she is expected to remain on the board as litigation continues. Jerome Powell, whose governor term runs until early 2028, has stayed on the board despite Trump's earlier attempts to oust him, and an inspector general probe into a Fed building renovation could still resurface. Vice Chair Philip Jefferson's decision next year on whether to remain a governor could also affect Trump's options, along with the long-vacant Atlanta Fed presidency. Chairman Kevin Warsh, Trump's pick, has so far resisted pressure to signal rate cuts.