The Supreme Court’s June 29, 2026, 5-4 ruling in Trump v. Cook preserved Lisa Cook’s position on the Federal Reserve Board of Governors pending lower-court review of whether alleged mortgage irregularities constitute sufficient “for cause” removal under the Federal Reserve Act. Cook’s 14-year term runs through 2038, and the decision reinforced statutory due-process protections and the institution’s independence from at-will presidential dismissal. No new criminal charges or administrative actions have advanced since the ruling returned the case to district court, keeping trader-implied probabilities of her departure by late 2026 extremely low. Key upcoming catalysts include further district-court proceedings on the factual record and any potential administration appeals, with resolution hinging on whether evidence meets the substantial “for cause” threshold.