Chief Justice John Roberts wrote the opinion for the majority, joined by Justices Sonia Sotomayor, Elena Kagan, Brett Kavanaugh and Ketanji Brown Jackson.

To accept the government‘s arguments that Mr. Trump can fire Cook „would in effect transform the Federal Reserve‘s for-cause protection into at-will employment — an interpretive leap out of step with the statute Congress enacted and our Nation‘s tradition of central banking protected from political interference,“ the chief justice wrote.

The court‘s decision is narrow and declines to define what constitutes „cause“ under the federal law that created the Fed. It said such a definition must reflect the central bank‘s „unique historical status and role.“