Shumita Basu

That's The Wall Street Journal's chief economics commentator, Greg Ip.

The case before the court is called Trump v. Wilcox. It's being heard as part of what's known as the shadow docket, meaning there are no oral arguments and little public visibility into what each side is arguing or how the justices are thinking about the issue. Now, for some backstory here, Powell was appointed by Trump during his first term. He was then reappointed by President Biden.

The case before the court is called Trump v. Wilcox. It's being heard as part of what's known as the shadow docket, meaning there are no oral arguments and little public visibility into what each side is arguing or how the justices are thinking about the issue. Now, for some backstory here, Powell was appointed by Trump during his first term. He was then reappointed by President Biden.

The case before the court is called Trump v. Wilcox. It's being heard as part of what's known as the shadow docket, meaning there are no oral arguments and little public visibility into what each side is arguing or how the justices are thinking about the issue. Now, for some backstory here, Powell was appointed by Trump during his first term. He was then reappointed by President Biden.

His term doesn't run out until next May, and he's repeatedly said he has no plans to resign before 2026. But he and Trump have bumped heads. Powell has been critical of Trump's tariffs, saying they will likely cause both higher prices and slower economic growth. Trump is upset that Powell hasn't cut interest rates.

His term doesn't run out until next May, and he's repeatedly said he has no plans to resign before 2026. But he and Trump have bumped heads. Powell has been critical of Trump's tariffs, saying they will likely cause both higher prices and slower economic growth. Trump is upset that Powell hasn't cut interest rates.

His term doesn't run out until next May, and he's repeatedly said he has no plans to resign before 2026. But he and Trump have bumped heads. Powell has been critical of Trump's tariffs, saying they will likely cause both higher prices and slower economic growth. Trump is upset that Powell hasn't cut interest rates.

The Fed's role is to keep inflation low and employment levels high, not to keep politicians or even presidents happy. If the court overturns the legal precedent that keeps the Fed politically independent and makes it so that a Fed chair can be fired by the president, Ip says that could potentially affect how the chair sets policy.

The Fed's role is to keep inflation low and employment levels high, not to keep politicians or even presidents happy. If the court overturns the legal precedent that keeps the Fed politically independent and makes it so that a Fed chair can be fired by the president, Ip says that could potentially affect how the chair sets policy.

The Fed's role is to keep inflation low and employment levels high, not to keep politicians or even presidents happy. If the court overturns the legal precedent that keeps the Fed politically independent and makes it so that a Fed chair can be fired by the president, Ip says that could potentially affect how the chair sets policy.

And historically, this has happened before with disastrous consequences. Ahead of Richard Nixon's re-election in 1972, he pressured the Fed chair to keep interest rates low. What followed was a decade of economic damage that stemmed from high inflation. Ip says if we see a repeat of that kind of political pressure, it'll come with several risks.

And historically, this has happened before with disastrous consequences. Ahead of Richard Nixon's re-election in 1972, he pressured the Fed chair to keep interest rates low. What followed was a decade of economic damage that stemmed from high inflation. Ip says if we see a repeat of that kind of political pressure, it'll come with several risks.

And historically, this has happened before with disastrous consequences. Ahead of Richard Nixon's re-election in 1972, he pressured the Fed chair to keep interest rates low. What followed was a decade of economic damage that stemmed from high inflation. Ip says if we see a repeat of that kind of political pressure, it'll come with several risks.

Keeping the Fed independent is just a part of what's at stake here. This case before the court involves two federal officials, one from the National Labor Relations Board and one from MSPB, the Merit Systems Protection Board, who were fired by Trump. Both are Democrats and both are suing, saying they were wrongfully terminated and can only be fired for cause.

Keeping the Fed independent is just a part of what's at stake here. This case before the court involves two federal officials, one from the National Labor Relations Board and one from MSPB, the Merit Systems Protection Board, who were fired by Trump. Both are Democrats and both are suing, saying they were wrongfully terminated and can only be fired for cause.

Keeping the Fed independent is just a part of what's at stake here. This case before the court involves two federal officials, one from the National Labor Relations Board and one from MSPB, the Merit Systems Protection Board, who were fired by Trump. Both are Democrats and both are suing, saying they were wrongfully terminated and can only be fired for cause.

In fact, MSPB is the agency that's supposed to protect civil servants from politically motivated firings. So if the court rules to expand presidential powers here, we could possibly see Trump start to unravel protections for civil service workers as well. Let's turn now to immigration and the continued aggressive policies of the Trump administration and their impacts. At the U.S.

In fact, MSPB is the agency that's supposed to protect civil servants from politically motivated firings. So if the court rules to expand presidential powers here, we could possibly see Trump start to unravel protections for civil service workers as well. Let's turn now to immigration and the continued aggressive policies of the Trump administration and their impacts. At the U.S.

In fact, MSPB is the agency that's supposed to protect civil servants from politically motivated firings. So if the court rules to expand presidential powers here, we could possibly see Trump start to unravel protections for civil service workers as well. Let's turn now to immigration and the continued aggressive policies of the Trump administration and their impacts. At the U.S.

southern border, illegal crossings have diminished significantly, with migrant encounters with Border Patrol reaching historic lows in March. Crossings began to drop in the final year of the Biden administration, and The Wall Street Journal notes that some of the policies employed toward the end of Biden's term have benefited Trump's immigration goals.