The first battle in the war against the independence of the Fed takes shape today at the emergency hearing of Lisa Cook

The governor of the Fed (or former governor of the Fed, according to whom you ask), Lisa Cook filed a complaint during the night against President Donald Trump, who will be made before the courts for an emergency hearing later in the day.

Cook’s motion comes after President Trump published on his social media site that he had written to the Governor of the Federal Reserve The “deleted” of his post, saying that she had made false declarations on mortgage agreements. Trump alleged that Cook claimed two main residences (in Ann Arbor and Atlanta) in 2021 to obtain better conditions.

The governor of the Fed replied that she did not intend to be “intimidated” by her role, adding: “I intend to respond seriously to my financial history as a member of the Federal Reserve, and therefore I collect precise information to answer any legitimate question and provide the facts.”

The action continued to accelerate on both sides and will arrive at 10 a.m. this morning during a hearing chaired by judge Jia Cobb, appointed by former president Joe Biden.

The emergency hearing this afternoon is specifically in response to one of the deposits of the Cook Legal team, which concerns a temporary prohibition order (TRO) against the president.

The deposit seen by Fortune Read as follows: “The plaintiff Lisa D. Cook … respectfully asks that the court issues a temporary emergency prohibition order, to remain in force until the court can examine more the merits of his assertions declaring that the president of President Trump, 2025, the attempt to dismiss Governor Cook is illegal under the federal reserve law … Reserve Board. ”

He also appointed the president of the Fed, Jerome Powell, to prohibit him from “affecting any way the illegal governor, he presumed to withdraw his position or to treat it as having been removed, or to refuse or obstructing it to access one of the advantages or resources of his advice post.” He adds: “This emergency repair is necessary due to the effectiveness of the circumstances and the irreparable nature of the injury that the temporary prohibition order is intended to prevent.”

Deposits also contain convocations: for Trump, for the Council of Governors of the Fed, for President Powell, for the Attorney General Pam Bondi and for the lawyer’s office for the Columbia district.

The main motion against the president is presented in a 24 -page document, which “questions the unprecedented and illegal attempt by President Trump to remove Governor Cook from his position which, if it is authorized to perform, would be the first of its kind in the history of the Council.”

“Consequently, Governor Cook requests a declaratory discourse and an injunction immediately to confirm his status as a member of the Council of Governors, the safeguarding and independence of the congress of the Congress and allowed Governor Cook and the Federal Reserve to continue his critical work,” added the motion.

The White House did not respond to Fortune Comment request.

The markets behave as if Cook would succeed, noted the Deutsche Bank to customers this morning. Jim Reid, chief of the macro-research, said: “Even if the global case takes a while to make a final verdict as the appeal passes before the courts, the injunction decision will have important implications for the Fed in the weeks and months to come.

“At least for the moment, it does not seem that the markets tariff a lot of chance that Cook is forced to go out. In fact, if we look at Polymarket, it suggests that there is 79% that Cook still votes at the next FOMC meeting in mid-September. And earlier this week, when Trump published his letter.

The markets are still focused on the rate of rate discounts, added Wharton professor Jeremy Siegel. This signal came from Powell to the Jackson Hole symposium a week ago, he wrote for Wisdomtree where he is main economist, before Cook’s legal file: “Politically, the situation around the Fed governor, Lisa Cook, adds noise but little substance. Its potential influence, or replacement, will not considerably modify public discourse, but the fact that Powell has reported its intention.

The fight so far

Independence is the word on which many Wall Street will focus. Whether analysts agree with the current monetary position of the Federal Committee on the open market (FOMC) or not, they agree that an independent central bank is a fundamental key to the strength of the American economy.

Jake Manoukian, the head of the American investment strategy of JPMorgan told Fortune Earlier this year: “The Fed is at the heart of this institutional argument (on what) the United States have different places from other places.”

But the actions of President Trump since the victory of the Oval Bureau has not convinced the markets that his administration has committed to leaving the Fed operating independently. Since the election victory, Trump has pressure for rate reductions (a swing after having exerted pressure before the elections), castigating Powell and threatening to dismiss him.

Trump then fell this threat after the markets rebelled and rather started to criticize the management of Powell of the federal reserve more widely – namely his office renovations. In addition to clarifying that he will not renew Powell’s mandate at the expiration in 2026, Trump and his team also spoke openly about the replacement of Powell and the speed with which they would like to announce it.

In addition to that, the White House also welcomed the news that a member of the FOMC, Adriana Kugler, resigned with a candidate for Trump Dovish, Stephen Moran, to take his place.

Trump’s response

The Trump team also intensified their attacks on Governor Cook. Last night, Bill Pulte, Federal Director of Trump’s Housing, published a letter on Elon Musk’s social media site sent to Bondi, alleging that he had found a third property belonging to Cook who, according to her, would be his main residence when he asks for a mortgage.

This is the second criminal reference Pulte made, concerning the “false alleged statements of Cook on its properties in the American government during its time as governor of the Federal Reserve”.

“3 strikes and you were released,” Pulte wrote alongside the screenshots of the letter.

3 strikes and you came out.

Today, the American federal housing sent a second criminal reference to the issue of Lisa D. Cook, linked to a mortgage on a 3rd property and to false alleged statements concerning its properties in the American government during its time as governor of … pic.twitter.com/tah68mia23– Console (@pulte) August 29, 2025