On Monday, the Supreme Court handed President Donald Trump a loss in his months-long effort to remove Federal Reserve Governor Lisa Cook—the first Black woman to serve on the Federal Reserve Board of Governors. Though the president immediately signaled he isn't backing down.

In a 5-4 decision authored by Chief Justice John Roberts, the justices allowed Cook to continue serving on the Fed's Board of Governors while litigation over her attempted firing plays out, CBS News reports.

“Today’s ruling affirms a principle that has underpinned sound economic stewardship for generations: that the Federal Reserve must make all its policy decisions guided by evidence and independent judgment, free from political interference,” Cook wrote. “I am grateful for this decision, not for my own sake, but for the sake of the American people, whose economic well-being depends on a central bank that answers to its mission, not political intimidation,” she added.

She also said that Trump’s actions were “an attempt to remove me on a manufactured pretext because I refused to bow to political pressure and continued to set interest rates based only on what would best serve the American people.” 

Trump wasted no time reacting. In a Truth Social post, he claimed he'd lost "on a strictly procedural basis" and vowed to "take appropriate action immediately" against someone he said had "committed wrongdoing." Whether Trump can ultimately remove her will hinge on the underlying facts of the case. 

“To be clear, the ultimate question of whether the president can remove Cook for cause will depend in part on the underlying facts,” the majority wrote. “In this opinion, we have not addressed the facts, as they have yet to be found or analyzed under the relevant legal standards. Rather, we have simply addressed the parties’ arguments about the appropriate legal standards under which the facts must be evaluated.”

Trump moved to fire Cook last August over allegations of mortgage fraud raised by a Trump-appointed housing official. She first sued in response, and both a district court and an appeals court sided with her before Trump escalated to the Supreme Court.