Good Monday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Kintania,

live from post nine of the New York Stock Exchange today. Breaking news just in the past hour,

important for the markets. Fed Governor Lisa Cook allowed to stay in office for now.

The Supreme Court blocking President Trump from firing her.

Let's bring in Daniel Tarullo this morning, former Fed Reserve Board Governor,

former Clinton,

International Economic Advisor. He is currently the Nomura president of international financial regulatory

practice at Harvard Law. Dan, it's great to have you back. Thanks for the help today.

Your thing, Carl. You have the chance to read through these opinions and your thoughts?

I read through them quickly. There are 85 pages of opinions

including the dissents, but yes, I've now taken a look at them. What do you think the

takeaways are? Well, the key takeaway is the one that I think Sarah said just a moment ago,

which is that Governor Cook will be allowed to stay in her position during the pendency of the

litigation, which will now be back in the district court. The Chief Justice Roberts, writing for only a

five to four majority, indicated that it was a narrow ruling. The ruling was that the injunction

could stand. The injunction could stand because Governor Cook had not been afforded any process by the administration before being removed.

That is, she hadn't had an opportunity to respond to the allegations against her.

So in that sense, Carl, we know that the status quo will remain the status quo.

The court said some things about what would be required to remove her, but they were at a fairly high level of abstraction,

and the court made no comment at all on the facts of the case, presumably because the facts have yet to be judicially determined.

Is it too early to make broad conclusions about the independence of the Fed?

So, as you know, Carl, this opinion was handed down at the same time as the slaughter case,

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