Fed: Will follow any court ruling on Cook's status after Trump's firing

The Federal Reserve on Tuesday said it would "abide by any court decision" that determines whether top official Lisa Cook can be removed by President Trump.Why it matters: Cook confirmed that she would sue after Trump fired her, setting up an unprecedented legal battle over the limits of presidential power when it comes to the Fed.What they're saying: The Fed stopped short of addressing Cook's status on the Board of Governors while her case makes its way through the courts.In a statement, a Fed spokesperson pointed to Cook's expected lawsuit to challenge the president's action and "seek a judicial decision that "would confirm her ability to continue to fulfill her responsibilities" as a Fed governor. "As always, the Federal Reserve will abide by any court decision," the spokesperson said.State of play: Late Monday, Trump fired Cook who later said she would not resign. Trump's move thrusts the administration into uncharted territory.Trump claimed he had "cause" to fire Cook, citing the administration's allegations that the central banker had committed mortgage fraud — an unproven claim.The intrigue: In its statement, the Fed defended the structure of the Fed board and the high bar for governors to be removed. "Long tenures and removal protections for governors serve as a vital safeguard, ensuring that monetary policy decisions are based on data, economic analysis, and the long-term interests of the American people," the spokesperson said.What to watch: In a Cabinet meeting on Tuesday, Trump said the White House would "have a majority very shortly" on the Fed board, referring to his expectation of Cook's departure — an outcome that is far from certain."Once we have a majority, housing is going to swing, and it's going to be great," Trump said. "People are paying too high an interest rate. That's the only problem with us. We have to get the rates down a little bit," he added.This is breaking news.

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