A federal appeals court has blocked US President Donald Trump from removing Federal Reserve governor Lisa Cook, a ruling that allows her to participate in the upcoming Fed's policy meeting to discuss interest rates.

• The 2-1 ruling is a setback for Trump's attempt to oust Cook, whom he accused of mortgage fraud.
• Cook is part of the Fed board responsible for setting US interest rates and denied the allegations of mortgage fraud.
• The case highlights concerns about the Fed's independence from political interference, with the Trump administration expected to take the ruling to the Supreme Court.