(https://www.cnbc.com/2026/06/29/supreme-court-lisa-cook-trump-federal-reserve.html), and the headlines frame this as a victory for central bank autonomy. But read the filing: the ruling protects this governor under this administration. It doesn't kill the legal framework Trump just proved exists. Next administration, or next crisis, that precedent gets tested again—and the uncertainty alone extends duration into the autumn.

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