Trump's Quest for Federal Reserve Influence Faces Legal and Political Hurdles

President Donald Trump's ambition to appoint a majority of the Federal Reserve's board suffered a setback as a federal court blocked his move to fire Governor Lisa Cook. Despite this legal challenge, his nominee, Stephen Miran, advanced in the Senate.

Economists predict that Trump could still influence future interest rate decisions. However, it remains unlikely that the Federal Reserve will reduce rates by the three percentage points Trump desires.

Concerns about the Federal Reserve's independence are heightened by Miran's appointment while planning to retain his White House role, raising fears of political influence on economic decisions.

(With inputs from agencies.)