Federal Reserve governor Lisa Cook can continue to serve as President Trump's attempt to fire her is litigated, an appeals court decided in a 2-1 ruling on Monday.

Why it matters: The Fed's policy committee begins a two-day meeting Tuesday, at which it is likely to cut interest rates for the first time in nine months. • Pending a potential emergency appeal to the Supreme Court, Cook will be at the table.

The big picture: More broadly, the ruling suggests courts will act as much of a brake on the president's ability to fire Fed officials. • Advocates of central bank independence view the case as a key test of the principle that presidents cannot replace Fed leaders because of policy disagreements or unproven allegations.

Driving the news: Judge Bradley Garcia, of the U.S. Circuit Cou

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