The Supreme Court ruled 5–4 that President Donald Trump was wrong to try ousting Federal Reserve Governor Lisa Cook without due process, upholding the central bank's independence. Chief Justice John Roberts wrote that Cook was entitled to notice and a chance to respond before termination, rejecting the administration's argument that a president can remove a Fed member at any time for any reason. The decision protects the Fed's ability to set monetary policy free from political pressure, which is vital to bond market stability and the U.S. credit rating. S&P Global reaffirmed the U.S. AA+ rating on Friday, citing the Fed's institutional strength and credibility as key factors offsetting fiscal weaknesses.