


Officials at the Federal Reserve are set to gather on Tuesday for a meeting unlike any other.
One governor, Stephen Miran, was just approved to serve on Monday. Another, Lisa Cook, has spent the past several days defending her right to participate after taking President Trump to court for trying to oust her.
Both will vote on interest rates on Wednesday. Mr. Miran will do so despite having missed all of the pre-meeting briefings. Ms. Cook has had to balance her preparation process with tracking her lawsuit making its way through the legal system. On Monday, she secured yet another victory, with a federal appeals court holding up a lower court’s decision to block Mr. Trump from removing her.
The dynamics heading into the two-day gathering are emblematic of the unusual circumstances that have engulfed the central bank, as Mr. Trump has sought to wrest more control over the institution at a time when policymakers are making very difficult decisions about interest rates.
Officials on Wednesday are expected to lower borrowing costs for the first time in nine months, seeking to shore up the labor market despite signs that inflationary pressures are intensifying. Policymakers are likely to deliver a quarter-point cut, which would bring interest rates down to a new range of 4 percent to 4.25 percent. But the White House’s pressure campaign is likely to inject yet more uncertainty into the debate about how fast interest rates fall after that.
One big unknown is how fervently Mr. Miran, who is seen as being aligned with the president on the economy, will press for the steep interest rate cuts that Mr. Trump has repeatedly demanded. As chair of the Council of Economic Advisers, he repeatedly echoed many of the president’s views, including that tariffs are not inflationary.
During his confirmation hearing, Mr. Miran said he supported the central bank’s ability to make policy decisions free of political influence and stressed that he would be guided by his “analysis of the macroeconomy and what’s best for its long-term stewardship.”