Stephen Miran on Capitol Hill in Washington in February. President Donald Trump has nominated Miran to occupy a seat on the Federal Reserve's governing board.

Questions about Federal Reserve independence will take centre stage on Thursday, when President Donald Trump’s economic adviser Stephen Miran testifies at a Senate banking committee hearing on his nomination to the U.S. central bank’s seven-member governing board.

The hearing, set to start at 10 a.m. ET, comes as Trump steps up efforts to exert control over the Fed, whose ability to manage inflation effectively is widely seen as requiring freedom from political influence over interest-rate decisions.

In an unprecedented move last week, Trump said he was firing Fed Governor Lisa Cook and was already weighing possible replacements

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