Trump appeals judge's order letting Cook stay on Fed board

The Trump administration filed notice Wednesday it will appeal a judge's order letting Fed governor Lisa Cook remain in her position.Why it matters: Trump is racing against the clock to try and get Cook off the Fed's board before a rate-setting meeting next week.Catch up quick: A federal judge ruled late Tuesday that Trump can't remove Cook while her lawsuit challenging his attempts to fire her is still pending.Trump fired Cook on Aug. 25, saying he had cause to do so because of allegations by Federal Housing Finance Agency director Bill Pulte that she had committed mortgage fraud.Cook's attorneys have argued any discrepancies in her mortgages were clerical errors and that conduct before she was a governor doesn't amount to cause to fire her now. What to watch: Whether an appellate court takes up the matter before the Fed's Sept. 16-17 meeting.The central bank is expected to cut interest rates for the first time this year — though not at the pace Trump has demanded. Go deeper: Why the bond market remains so calm amid Trump's Fed warEditor's note: This is a breaking news story. Check back for updates.

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