Lisa Cook notched a temporary win in her legal battle against President Trump this week when the Supreme Court said she could remain a governor on the Federal Reserve Board.

But the threat to the Fed’s longstanding independence will continue to loom large over the central bank for at least the next several months.

The Supreme Court on Wednesday allowed Ms. Cook to remain in her job while her lawsuit against Mr. Trump proceeds. The president, who has tried to gain more control over the Fed, tried to fire her over unproven allegations of mortgage fraud.

Still, the decision — part of a two-sentence, unsigned order — fell short of a decisive victory for the central bank. Instead, the court agreed to wait to rule on Ms. Cook’s status until after it hears arguments on the matter in January.

“It’s a time to exhale but not breathe easy,” said Peter Conti-Brown, an expert on Fed governance at the University of Pennsylvania. “The wrecking ball that the Trump administration has been wielding through the administrative state just hit a brick wall that it could not crumble.” Mr. Conti-Brown warned, however, that the issue was far from resolved.

Mr. Trump has accused Ms. Cook of committing mortgage fraud, citing that as justification to fire her. Under the Federal Reserve Act of 1913, the president can remove a Fed official only “for cause” — which has typically meant gross malfeasance or a neglect of duty while serving in the job. Congress put that safeguard in place to ensure that the Fed was protected from undue meddling by the president.