EL7 Research · The Federal Reserve and monetary policy
11 October 2026 · Prices through the close on 9 October
The White House rebuilt its case against Lisa Cook, a governor of the Federal Reserve, the US central bank, under the terms set by the US Supreme Court, the country's highest court. It formed an inquiry committee to hear her on 5 November and then submit its recommendation to the president. We measured markets' response on the day the memorandum was published: neither October decision probabilities nor bond yields moved because of the news. Only one small market, where traders bet on her departure, moved. The reason is that Cook's vote has not changed the outcome of any decision since 2022, and what is at stake is the Board of Governors' majority and powers, rather than the path of interest rates.
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