Coming into this argument, the court had sent strong signals that it was inclined to treat the Fed differently from other entities — even if it hasn’t fully worked out why the Fed is different. In its Wilcox order last May, the court went out of its way to highlight the differences between the Fed and other executive agencies, like the National Labor Relations Board, and to suggest that granting the president power over those agencies did not necessarily mean granting the president similar power over the Fed.