Colby Smith

The lawsuit did not provide an explanation for why Cook listed two residences as her primary residence. It instead sought to paint the firing as purely political and not based on anything other than a desire to oust a governor who was not falling in line with the president’s directives on rates

Inside the Fed, there is a preoccupation with doing whatever possible to avoid provoking Trump, which at times has meant complying with his wishes. That cautious approach is drawing scrutiny as its independence comes under threat www.nytimes.com/2025/09/15/b... @nytimes.com @bencasselman.bsky.social

NEW: The court rules that Lisa Cook can stay on as a governor as her case against Trump trying to fire her is being litigated. The judge says that "for cause" applies to behavior while in office and that Cook's right to due process was violated

Powell's tenure is not over just yet. Because Warsh has not been sworn in, Powell will serve as chair pro tempore, the Fed said on Friday. Bowman and Miran say they didn't support the temporary designation

Powell is remembered as an effective leader who navigated the Fed through an extraordinary series of shocks. His plain-spoken communication style made him popular across Wall Street and Washington, support he leveraged as he took on Trump to defend the Fed's independence.

NEW: Warsh wants regime change at the Fed and missteps during Powell's tenure made the central bank vulnerable to that kind of criticism But an assessment of Powell's 8 yrs as chair points to a far more constructive legacy than Warsh portrays www.nytimes.com/2026/05/15/u... @nytimes.com

In his resignation letter to Trump, Miran (whose seat on the Fed's board of governors will now be occupied by Warsh) reiterated his argument for lower rates and hit out at the Fed for how it thinks about/measures inflation

Senate votes 54-45 to confirm Warsh as the next chair of the Fed He will take over at a tenuous moment for the central bank. Trump wants lower rates, but the case for cuts has only weakened as the war in Iran has pushed up inflation www.nytimes.com/2026/05/13/u... @nytimes.com

Warsh has just moved one step closer to becoming the next chair of the Fed. The Senate just confirmed him to serve a 14-year term on the board of governors. His vote to become the next chair could come as early as tomorrow.

Latest CPI report underscores how tough it will be for Warsh to deliver cuts once he takes over as Fed chair. Core CPI is up 0.4 percent in April, or 2.8% compared to the same time last year. www.nytimes.com/2026/05/12/b... @nytimes.com @lydiadepillis.bsky.social

A stable labor market has given the Fed more flexibility to focus on mounting inflation risks stemming from the war in Iran, which have weakened the case among officials for rate cuts www.nytimes.com/2026/05/08/b... @nytimes.com

In explaining their dissents this week, Kashkari and Hammack cite resurgent inflation risks stemming from the Iran War. Kashkari (below) says a "series" of hikes might be needed if the Strait of Hormuz stays closed, "even at the risk of further weakness to the labor market."

NEW: In choosing to stay, Powell used the one tool of leverage he had left to push back on an administration that has aggressively attacked the central bank The question now is whether his continued presence at the Fed will further inflame tensions www.nytimes.com/2026/04/30/b... @nytimes.com