WASHINGTON: The US Federal Reserve began a two-day meeting on Tuesday with a new governor on leave from the Trump administration joining the deliberations and a second policymaker at the table still facing efforts by President Donald Trump to oust her. The unusual circumstances, both historic in their own right, have changed what would have been a meeting focused on risks to the job market into a benchmark of Trump’s efforts to gain influence over monetary policy. Trump said on Tuesday he had signed documents allowing Stephen Miran, who is on leave as head of the White House’s Council of Economic Advisers, to join the US central bank’s Board of Governors. Miran was sworn into his Fed position later on Tuesday morning and the policy meeting began at 10:30 a.m. EDT (1430 GMT). A White House spokesperson also said the administration would ask the US Supreme Court to allow the president’s effort to fire Fed Governor Lisa Cook “for cause” to proceed.

A federal appeals court on Monday blocked Cook’s firing, paving the way for the Biden appointee to participate fully in the policy meeting this week. The Fed is widely expected to cut its benchmark overnight interest rate by a quarter of a percentage point to the 4.00 percent-4.25 percent range.

The timeline of any Supreme Court appeal and decision is unclear. The Fed will release a policy statement and updated quarterly economic projections at 2 p.m. EDT on Wednesday. Fed Chair Jerome Powell will hold a press conference half an hour later.

Markets have not reacted much so far to the Fed’s personnel drama, which despite the potential implications for central bank independence has yet to show Trump’s imprint on monetary policy, keep Cook from office, or force Powell out of his position.—Reuters