The U.S. Supreme Court upheld Federal Reserve independence by blocking President Donald Trump’s attempt to remove Fed Governor Lisa Cook, ruling she was entitled to notice and an opportunity to respond before termination. Justices said the administration’s position would effectively erase “for-cause” protections. The decision’s immediate stakes stretch beyond central bank governance: it affects expectations about monetary policy independence, which in turn influences bond market pricing for Treasuries. Chief Justice John Roberts emphasized the “appearance of independence,” not just the fact, as central to the Fed’s design. The Cook ruling followed a separate federal district judge dismissal earlier this year of subpoenas connected to a Justice Department probe involving former Fed Chair Jerome Powell, with Powell stating he would remain as governor until the case resolves. For colleges and universities with large treasury and bond portfolios—or with budget planning tied to interest-rate expectations—the legal reinforcement of Fed independence reduces one category of market uncertainty, though it does not remove rate pressures from inflation and policy decisions.