The U.S. Supreme Court ruled that Trump does not have to reinstate two senior labor agency officials he fired, dealing a blow to their legal efforts to reverse the terminations.

The decision, though temporary, signals support for Trump’s broad claims of presidential authority over federal appointments.

The officials led agencies meant to operate independently from the White House.

There was some market concern that this may pave the way for Trump to fire Powell, but the indications from the ruling seem to indicate it doesn’t apply to the Federal Reserve. The ruling said that

• “the Federal Reserve is a uniqueely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States.”

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