Fed governor Lisa Cook firing blocked while legal battle continues

President Trump can't remove Federal Reserve governor Lisa Cook while her lawsuit challenges his attempts to fire her, a federal judge ruled on Tuesday night.Why it matters: The ruling temporarily settles the question over Cook's status ahead of a critical Fed policy meeting, though the Trump administration is likely to appeal.Zoom in: The battle over whether Cook can continue to serve on the Fed's Board of Governors comes one week before the central bank's next policy meeting.Until now, it had been unclear whether the official would be able to vote on the interest rate decision. The Fed is expected to cut rates for the first time in a year.Catch up quick: Cook sued the Trump administration on Aug. 28 and asked for a preliminary injunction that would allow her to continue on in the role.Trump's firing of Cook left the Fed in an awkward position while the court took up the case.Before the suit was filed, a Fed spokesperson said that the central bank would "abide by any court decision."What they're saying: "The Court finds that Cook has made a strong showing that her purported removal was done in violation of the Federal Reserve Act's 'for cause' provision," Judge Jia Cobb wrote in the decision.Representatives for the White House did not immediately respond to Axios' request for comment.This is breaking news. Please check back for updates.

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