The independence of the Federal Reserve is facing challenges, and Powell may testify in support of Cook

According to the Associated Press, Federal Reserve Chairman Jerome Powell will attend the U.S. Supreme Court's oral arguments regarding Federal Reserve Governor Christopher Waller on Wednesday, marking an unusual public statement and support from the head of the U.S. central bank. The Supreme Court is reviewing whether President Trump has the authority to dismiss Waller, who was appointed by former President Biden.

Sources indicate that Powell plans to attend Wednesday's hearing. This also represents Powell's most public and direct support for Waller to date, as Trump first attempted to remove Waller in late August of last year.

Previously, Powell revealed that the Trump administration had issued subpoenas to the Federal Reserve and threatened to bring unprecedented criminal charges against it. In a video statement released on January 11, Powell condemned these subpoenas as merely an "excuse," with the real aim of forcing him to significantly lower the Federal Reserve's benchmark interest rate.