The Trump administration is racing to sideline Federal Reserve governor Lisa Cook before next week’s policy meeting, asking a federal appeals court to pause a lower-court order that restored her to the central bank’s board.

Donald Trump was hit with a legal smackdown after trying to remove Federal Reserve governor Lisa Cook.

"This ruling recognises and reaffirms the importance of safeguarding the independence of the Federal Reserve from illegal political interference," Ms Cook's counsel Abbe David Lowell said in a statem...