Ed Mills of Raymond James predicts the Supreme Court will likely rule that the President does not have the authority to fire a Federal Reserve governor.

The market has priced out interest rate cuts for the current year and now expects them to occur in the following year.

U.S. prosecutors from the Department of Justice made a surprise visit to the Federal Reserve but were denied entry by the Federal Reserve police.

The Federal Open Market Committee (FOMC) chooses its own chair and would likely reaffirm the current chair even if the President attempted to fire him from that specific role.

Ed Mills' base case is that Kevin Warsh will be confirmed to a position at the Federal Reserve.