Trump’s renewed procedural push to remove Fed Governor Lisa Cook for alleged mortgage fraud, following the Supreme Court’s June 2026 5-4 ruling that his initial firing lacked due process, remains the dominant driver of trader sentiment. A White House committee is scheduled to hold a closed hearing on November 5 to assess “cause” for removal after Cook’s first-ever FOMC dissent on October 28, when she joined Cleveland Fed President Hammack in favoring a 25-basis-point rate hike amid inflation above 3 percent and elevated oil prices. Markets price the outcome as uncertain given the Fed’s statutory protections and staggered 14-year terms, with any vacancy potentially shifting the board’s balance on monetary policy. The November 3 congressional elections and subsequent committee recommendation add near-term catalysts.