A major development in Trump’s Fed feud is set to happen next week in the Supreme Court

* A court case next week will likely be the next big development for the central bank in its quest to maintain political independence. The Supreme Court will hear arguments on Jan. 21 related to President Donald Trump’s efforts to fire Federal Reserve Governor Lisa Cook.

* Should the White House win the case, it could set an important precedent for the president’s ongoing quest to oust Fed Chair Jerome Powell.

* The efforts to remove both officials could provide further incentive for Powell to serve out his term on the board as a bulwark against Trump’s efforts to thwart central bank independence.