US appeals court rejects Trump bid to oust Fed's Lisa Cook

A US appeals court declined on Monday to allow Donald Trump to fire Federal Reserve Governor Lisa Cook - the first time a president has pursued such action since the central bank's founding in 1913 - in the latest step in a legal battle that threatens the Fed's longstanding independence.

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The decision by the US Court of Appeals for the District of Columbia Circuit means that the administration only has hours to appeal to the US Supreme Court if it hopes to block Cook from attending the Fed's policy meeting on Tuesday and Wednesday where it is expected to cut US interest rates to shore up a cooling labour market.

The White House on Tuesday said it planned to appeal the ruling to the Supreme Court. "The President lawfully removed Lisa Cook for cause. The Administration will appeal this decision and looks forward to ultimate victory on the issue," White House spokesman Kush Desai said.