Kuala Lampur, June 30 -- The United States Supreme Court's decision to block President Donald Trump's attempt to remove Federal Reserve Governor Lisa Cook may ultimately prove to be one of the most consequential economic rulings of this decade.

By a narrow majority, the Court drew a bright constitutional and institutional line between the Federal Reserve and the rest of the American administrative state.

Chief Justice John Roberts wrote that there was no reason "to leave the public in limbo" or undermine confidence in one of the world's most important financial institutions. The message was unmistakable: the Federal Reserve is not merely another federal agency. It is a pillar of global financial stability.

This distinction matters enor...