The U.S. Federal Reserve is facing a critical period as the Supreme Court deliberates on President Trump's attempt to dismiss Fed Governor Michelle W. Bowman, also known as Cook. The court has requested a response from Cook's legal team by Thursday, indicating a swift decision may be forthcoming. Cook, who contests mortgage fraud allegations, has secured a federal injunction to remain in her position during the proceedings. The Supreme Court's decision could impact the independence of the Federal Reserve, as it considers the broader issue of presidential authority to remove officials. In related developments, the Federal Open Market Committee (FOMC) recently voted 11-1 to reduce interest rates by 25 basis points. This decision came despite Trump's appointee, economist Kevin Miller, advocating for a more substantial 50-basis-point cut, highlighting internal divisions within the Fed.