The standoff between President Donald Trump and Federal Reserve Governor Lisa Cook is set to reach a critical juncture within days, Barclays analysts said in a note.

On August 25, Trump removed Cook from her office “for cause,” the first time in history that a president has sought to dismiss a Federal Reserve governor. 

Three days later, on August 28, Cook filed suit in U.S. District Court in Washington, challenging the legality of her removal and asking the judge to overturn President Trump’s firing of her.

According to Barclays, “we may know whether Governor Cook can stay in her job (at least for now) as soon as Friday and likely no later than next week, in advance of the September FOMC meeting on Sep 16-17.”

For now, “Governor Cook remains at the Fed. She is listed on the Fed’s website as a current member of the board,” noted Barclays. 

The bank’s analysts explained that both sides submitted a status report this week, and briefing is expected to finish by September 4 or 5. At that point, the judge could decide whether Cook temporarily stays on the Board of Governors.

Cook’s legal team is asking for a temporary restraining order (TRO) that would keep her in her role for 14 days. 

Barclays noted that “a TRO cannot be appealed.” The Trump administration, however, wants the court to rule on a preliminary injunction by September 9, arguing that a TRO would expire before the key FOMC meeting.

Barclays added: “We expect that if the court granted Governor Cook a preliminary injunction, the Trump administration would appeal that either to the Court of Appeals first or directly to the Supreme Court.”