Federal Reserve Chairman Powell plans to attend the hearing on the Cook case at the US Supreme Court.

An informed source revealed that Federal Reserve Chairman Jerome Powell plans to attend a hearing at the U.S. Supreme Court on Wednesday regarding President Donald Trump's attempt to dismiss Federal Reserve Board member Lisa Cook. Last October, the Supreme Court refused to allow Trump to immediately dismiss Cook while she was pursuing a lawsuit to keep her position. This ruling means that Cook can continue to serve, at least until the Supreme Court hears oral arguments this week and makes a decision. Trump ordered Cook's dismissal in late August on grounds of unconfirmed mortgage fraud charges, which Cook has denied. Observers of the Federal Reserve and legal analysts have stated that the outcome of this case will have profound implications for the President's ability to dismiss Federal Reserve Board members, and subsequently affect the central bank's ability to set interest rates without political interference.