ANALYSIS: Fed Governor Lisa Cook sued President Trump after he claimed to remove her from office, setting up an emergency court hearing today over the central bank’s independence. Markets so far expect her to prevail, with Deutsche Bank’s Jim Reid noting traders see little risk of her being ousted, while Wharton’s Jeremy Siegel said the fight has added “noise but little substance” to monetary policy.

The current battle over the Fed’s independence from the White House has boiled down to Cook v. Trump. Literally.

Fed governor (or former Fed governor, depending on who you ask) Lisa Cook filed a lawsuit overnight against President Donald Trump, which will be brought before courts for an emergency hearing later today.

Cook’s motion comes after President Trump posted on his social media

See Full Page