The Supreme Court ruled that Federal Reserve board members can only be removed for serious misconduct, reinforcing the central bank’s independence from presidential control. The decision stemmed from President Donald Trump’s attempt to fire Governor Lisa Cook, whom he accused of mortgage fraud—a charge she denies. While the ruling blocks immediate dismissal, it allows Trump to try again with formal notice and a hearing. Trump responded on Truth Social, stating he would “take appropriate action immediately” to remove Cook. This case marks a historic clash over Fed autonomy; if the president can replace governors at will, global financial markets that rely on the Fed’s apolitical rate decisions could be destabilized.