Cook is still a governor of the Federal Reserve and can still participate in interest rate negotiations until the ruling is determined

"Cook has indicated through her personal lawyer that she will immediately challenge the conduct in court and seek a judicial ruling confirming her right to remain in office as a Senate-confirmed Fed governor," a Fed spokesperson said. "The Fed will continue to comply with court rulings." The Fed's statement indicated that from the central bank's perspective, Cook's status as a governor has not changed, and she can still participate in the meeting unless the court rules before the next meeting. The Fed's next rate-setting meeting is scheduled for September 16-17, and Trump has been pressing the Fed to cut interest rates sharply.