"The Senate's narrow confirmation of Stephen Miran to the Fed's Board hands President Donald Trump's top economic adviser a policy vote just as the FOMC convenes, while a U.S. appeals court ruling means Governor Lisa Cook can attend unless the Supreme Court intervenes. Together with Trump's public call for a 'bigger' cut and his stated intent to replace Chair Jerome Powell when his term ends next May, the moves highlight the degree of political pressure now bearing down on the central bank."
"A quarter point Fed rate cut on Wednesday is fully priced. But the spotlight is as much on the central bank's institutional standing as on the policy call itself, after a pair of developments underscored the White House's growing sway over the Fed. Meanwhile, gold set a new record high, and China's offshore yuan hit its highest level of the year after positive signs from the U.S.-China trade talks in Madrid."
Markets staged an "everything rally" as a two-day Federal Reserve meeting began, with equities at record highs, subsiding bond yields and a weaker dollar ahead of an anticipated rate cut. A quarter-point cut on Wednesday is fully priced, yet attention focuses on the Fed's institutional standing amid growing White House influence. Political developments include the Senate confirmation of Stephen Miran and a court ruling affecting Governor Lisa Cook, alongside President Trump's calls for a larger cut and plans to replace Chair Powell. Big Tech led gains while long-term Treasury yields hovered near four-month lows.
Read at Fast Company
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