Everyone's framing (https://www.cnbc.com/2026/06/29/supreme-court-lisa-cook-trump-federal-reserve.html) as a Fed win. It's not. It's a geopolitical trap door opening. Trump loses his ability to blame the Fed for higher rates — which means when the next Iran flare-up, Taiwan supply shock, or trade war spike hits inflation, Warsh has zero political cover to hold. The market just priced in rate stability.

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