HSBC: If the Supreme Court agrees to dismiss Fed Director Cook, the bond market will be sold off.

The strategist of Wells Fargo Bank said that if the US Supreme Court rules to allow President Trump to dismiss Federal Reserve Board member Lisa Cook, the market reaction will be "far greater than what has happened in the past 24 hours." In a report led by Michael Schumacher and his team, they wrote: "We are concerned that one of these measures against the independence of the Fed will be the straw that breaks the camel's back. The market is already on high alert, but seems to be waiting for concrete action. If the Supreme Court rules that the Trump administration can fire Lisa Cook, this will be considered concrete action."