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4d ago

Fed Enters Rate-Cut Week as White House Push Tests Central Bank Independence

An injunction preserves Lisa Cook’s seat, with a rushed vote on Stephen Miran set to decide the meeting’s lineup.

The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah Silbiger/File Photo
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Overview

  • Policymakers are widely expected to deliver a quarter-point cut on Sept. 17 as weakening job growth collides with tariff-driven inflation pressures.
  • Senate Republicans have scheduled a Monday vote on Stephen Miran for a vacant Fed Board seat, and if confirmed and sworn in he could join this week’s FOMC meeting.
  • Miran says he will take unpaid leave rather than resign from his White House economic role, prompting conflict-of-interest concerns despite his pledge of independence.
  • Judge Jia Cobb’s order keeps Governor Lisa Cook in office during litigation over President Trump’s attempted removal, while the administration pursues an appeal.
  • Analysts anticipate an unusually split decision with multiple dissents and unclear voter participation, underscoring broader warnings that political pressure risks eroding the Fed’s credibility.