Fed’s Cook: It is prudent to wait a bit longer for inflation to slow, but is prepared to act

2026年7月16日最近のFX関連情報Central Banks

Fed reserve Gov. Lisa Cook is speaking and says:

It is prudent to wait a bit longer for inflation to slow, but is prepared to act if it does not occur soon.
Since last summer there has been a notable shift in risks toward higher inflation and away from the labor market, although the overall balance of risks appears stable.
There is reason to think disinflation will continue, but risks remain that price pressures could persist due to tariffs, the Middle East conflict, and AI investment.
Inflation expectations remain anchored, but that depends on appropriate monetary policy, and policymakers cannot take their eye off the ball.

Comments are somewhat concerned about inflation, but watching closely.

Recall, President Trump's attempted to remove Cook from the Federal Reserve Board before her term expired. The administration alleged that Cook had committed mortgage fraud by improperly claiming two different homes as her primary residence on mortgage documents. Cook has denied those allegations, arguing they are unfounded and politically motivated. A federal district court blocked her removal, concluding the administration had not demonstrated the "for cause" standard required under the Federal Reserve Act and had failed to provide her with adequate due process.

The case reached the U.S. Supreme Court, which issued a closely watched 5-4 decision on June 29. The Court ruled that Cook could remain on the Federal Reserve Board, at least for now, because the administration failed to provide the procedural protections required by law before attempting to remove her. Chief Justice John Roberts wrote that while a president may remove a Fed governor "for cause," the statutory process—including notice and an opportunity to respond—must first be followed.

The ruling was significant beyond Cook personally because it reinforced the Federal Reserve's institutional independence. On the same day, the Supreme Court issued a separate decision expanding presidential authority to remove officials from many other independent federal agencies. However, the Court distinguished the Federal Reserve, signaling that the Fed occupies a unique constitutional and statutory position because of its critical role in monetary policy and financial stability.

For markets, the decision was viewed as preserving the long-standing principle that monetary policy should remain insulated from direct political pressure. Had the president been allowed to remove a Fed governor without following the statutory process—or potentially without satisfying the "for cause" requirement—it would have raised broader concerns about the independence of the central bank and its ability to set interest rates free from political influence.