Kyle Risdahl

We are expecting a ruling any day now on President Trump's tariff palooza of April last, specifically whether the president, any president, can tax American businesses and consumers just because he feels like it.

We are expecting a ruling any day now on President Trump's tariff palooza of April last, specifically whether the president, any president, can tax American businesses and consumers just because he feels like it.

And tomorrow, the court is going to hear argument on President Trump's attempt to fire Fed Governor Lisa Cook.

And tomorrow, the court is going to hear argument on President Trump's attempt to fire Fed Governor Lisa Cook.

Lots to watch, as I said, but what to watch for.

Lots to watch, as I said, but what to watch for.

Leah Lipman is a professor of law at the University of Michigan.

Leah Lipman is a professor of law at the University of Michigan.

Leah, it's good to have you back on.

Leah, it's good to have you back on.

We had you here a year or so ago before a big Federal Trade Commission case, Humphrey's executor and who the president could fire when and if he feels like it or not.

We had you here a year or so ago before a big Federal Trade Commission case, Humphrey's executor and who the president could fire when and if he feels like it or not.

And I asked you about the Fed and you said, and this is almost a quote.

And I asked you about the Fed and you said, and this is almost a quote.

that you thought they were going to, and you hoped they would, find a way to carve out a special thing for independent monetary policy.

that you thought they were going to, and you hoped they would, find a way to carve out a special thing for independent monetary policy.

And lo and behold, that ruling comes down, and the court says, the Federal Reserve is, and this is the quote, a uniquely structured quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States.

And lo and behold, that ruling comes down, and the court says, the Federal Reserve is, and this is the quote, a uniquely structured quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States.

So, first of all, congratulations on your prescience.

So, first of all, congratulations on your prescience.