The hearing just wrapped. It lasted a
little over two hours and we really saw
the judge face some tough questions to
both sides. Importantly, there was no
ruling today because we have to keep in
mind today's hearing was really geared
towards uh Lisa Cook seeking what's
known as a temporary restraining order,
a TTRO, which would let her essentially
be reinstated on a temporary basis while
the rest of her legal case works its way
through the court system. However, we
did hear from courts uh from Cook's
lawyer, including Abby Lel say that they
are not expecting the Fed to take action
until the court rules. And that has now
raised this question on whether or not a
TTRO is even necessary if for the time
being it doesn't look like the Fed would
force Lisa Cook to leave. Now, one of
the questions here uh becomes uh
essentially how does this proceed and
how does this go forward? because Cook's
lawyers have outlined that they would
like to see a little bit of a cushion
here that they would like uh to have
this legal ruling so that the president
couldn't uh find uh another way to make
sure that she does leave the seat for
the time being. Now, beyond that, we did
get sort of a preview of the defense
arguments that we are expecting to come.
Of course, Scarlet, that really has to
do with this issue of cause and what
constitutes cause. We heard from Cook's
lawyers earlier that these mortgage
allegation frauds, one uh didn't happen
uh be while she was currently the Fed
governor. And that's something to keep
in mind here. But even if they ended up
being true, they don't rise to that
level of cause. Whereas we heard from
the Trump administration that it's up to
President Trump's discretion to decide
what qualifies.