Yesterday, the U.S. Supreme Court ruled correctly that Donald Trump cannot fire Federal Reserve Governor Lisa Cook at will or indeed any of the other leaders of the independent central bank, created specifically to oversee sensitive monetary policy including interest rates based on the data and not the political considerations of the president or the Congress.

This is a hugely important outcome. The specious mortgage fraud accusation ginned up by real estate Trump pal turned housing finance head turned spy chief Bill Pulte were not enough to show Cook the door.

This second Trump administration has touched a lot of third rails thus far, but it’s hard to overstate the immediate devastation of the global markets losing confidence in the Fed’s independence and the body turning toward political decision-making. That’s........

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