Lisa D. Cook

Money Moves

Dissented in favor of a quarter-point hike on Oct. 28; Trump is seeking her removal from the board

The Federal Reserve held its benchmark rate at 3.75% to 4% on Oct. 28, a pause after September's quarter-point increase, the first hike since 2023. A stronger-than-expected October jobs report on Nov. 6 pushed traders to price about an 80% chance of another quarter-point increase at the Dec. 8-9 meeting, up from roughly 67% a day earlier.

Updated Yesterday

Money Moves

Dissented at the October 28 meeting in favor of a quarter-point rate hike

The Federal Reserve held its benchmark rate at 3.75% to 4.00% on October 28. Two officials dissented in favor of another quarter-point hike. Chair Kevin Warsh said inflation is still too high, though he called financial conditions tighter rather than tight.

Updated Oct 31

Rule Changes

Plaintiff in separate litigation to block Trump’s attempt to remove her from the Fed

President Donald Trump fired Federal Trade Commission commissioner Rebecca Kelly Slaughter in March 2025 without stating cause, setting off a legal fight over whether presidents can remove members of independent agencies at will. On June 29, 2026, the Supreme Court ruled 6-3 for Trump, struck down the FTC's for-cause removal protections and overruled Humphrey's Executor, the 1935 decision that had shielded multi-member commissions from at-will removal.

Updated Oct 19

Money Moves

As of October 2026: Hawkish on inflation outlook

The 10-year Treasury yield broke past 5.3% for the first time since 2002, touching 5.342% on Oct. 1 before settling near 5.25%. The global bond selloff posted its biggest quarterly rise this century.

Updated Oct 2

Rule Changes

As of October 2026: Fighting Trump’s attempt to remove her; under DOJ review after Pulte referral

In early 2025, Trump appointed housing heir Bill Pulte as director of the FHFA, which oversees Fannie Mae, Freddie Mac, and $8.5 trillion in mortgage credit. Within months, Pulte used mortgage data to publicly accuse NY AG Letitia James, Senator Adam Schiff, Fed Governor Lisa Cook, and Congressman Eric Swalwell of fraud, referring them to Justice amid concerns of political retribution.

Updated Oct 1

Rule Changes

As of May 2026: Remains in position pending Supreme Court decision

No president has fired a sitting Federal Reserve governor in the central bank's 112-year history. Donald Trump is trying to be the first and wants to replace the Fed chair with a loyalist.

Updated May 22

Rule Changes

As of May 2026: Fighting removal; Supreme Court heard arguments January 21, appears likely to block her firing

No president has ever criminally investigated a sitting Federal Reserve chair. When Trump's Justice Department served Jerome Powell with grand jury subpoenas on January 11, two Republican senators announced they would block all Fed nominees until the probe ends. With a 13-11 GOP majority on the Banking Committee, even one defection creates a confirmation stalemate.

Updated May 20

Rule Changes

As of May 2026: Still on the Board after court orders block Trump’s attempt to fire her.

In a single year the Fed has gone from peak post‑Covid rates to a clear easing cycle. December's third 2025 rate cut pushes the federal funds range down to 3.5–3.75% and flips the switch on a new operating regime built around full‑allotment repos and steady Treasury bill buying.

Updated May 10