Trump appeals judge's order letting Cook stay on Fed board

Catch up quick: A federal judge ruled late Tuesday that Trump can't remove Cook while her lawsuit challenging his attempts to fire her is still pending.

• Trump fired Cook on Aug. 25, saying he had cause to do so because of allegations by Federal Housing Finance Agency director Bill Pulte that she had committed mortgage fraud.
• Cook's attorneys have argued that any discrepancies in her mortgages were clerical errors and that conduct before she was a governor doesn't amount to cause to fire her now.

What they're saying: "President Trump lawfully removed Lisa Cook for cause due to credible allegations of mortgage fraud from her highly sensitive position overseeing financial institutions on the Federal Reserve Board of Governors," said White House spokesperson Kush Desai in an emailed statement Wednesday.

• "This ruling will not be the last say on the matter, and the Trump Administration will continue to work to restore accountability and confidence in the Fed."

What to watch: Whether an appellate court takes up the matter before the Fed's Sept. 16-17 meeting.

• The central bank is expected to cut interest rates for the first time this year — though not at the pace Trump has demanded.

Go deeper: Why the bond market remains so calm amid Trump's Fed war