Fed's Independence Faces Challenges, Powell Reportedly to Appear in Court to Support Cook

Odaily News According to the Associated Press, Federal Reserve Chairman Powell will attend the U.S. Supreme Court's oral arguments on Wednesday regarding Fed Governor Cook. This marks an unusual public statement and show of support from the head of the U.S. central bank. The Supreme Court is hearing a case on whether President Trump has the authority to remove Governor Cook, who was appointed by former President Biden. Sources familiar with the matter revealed that Powell plans to attend Wednesday's court hearing. This also represents the most public and direct support Powell has shown for Cook to date. Trump first attempted to remove Cook as early as late August last year. Previously, Powell disclosed that the Trump administration had issued subpoenas to the Federal Reserve and threatened to bring unprecedented criminal charges against it. In a video statement released on January 11, Powell condemned these subpoenas as merely a "pretext," with the real purpose being to pressure him into significantly lowering the Fed's benchmark interest rate.