The Federal Reserve's independence is facing challenges, and Powell is reportedly going to court to support Cook.

According to the Associated Press, Federal Reserve Chairman Jerome Powell will appear before the U.S. Supreme Court on Wednesday for oral arguments regarding Federal Reserve Governor Tim Cook, marking an unusual public statement and show of support from the head of the U.S. central bank. The Supreme Court is hearing whether President Trump has the right to dismiss Cook, who was appointed by former President Biden. Sources familiar with the matter revealed that Powell plans to attend Wednesday's hearing. This is Powell's most public and direct support for Cook to date, after Trump attempted to remove him from office as early as the end of August last year. Previously, Powell revealed that the Trump administration had subpoenaed the Federal Reserve and threatened to bring unprecedented criminal charges against him. In a video statement released on January 11, Powell condemned the subpoenas as a "pretext," the real purpose of which was to force him to significantly lower the Fed's benchmark interest rate.