President Trump’s nominee to fill an open seat on the Federal Reserve board faced tough questions from Senate Democrats Thursday about whether he would take direction from the president in setting interest rates — but with broad support from Senate Republicans Stephen Miran appeared poised to win confirmation.

Fed Chair Jerome Powell signals possible rate cut, sending stocks sharply higher

Federal Reserve chairman Jerome Powell signaled a possible interest rate cut in the months to come, sending stocks sharply higher.

Miran currently serves as chairman of the president’s Council of Economic Advisers. His nomination for the important Fed post has crystalized concerns about Trump’s efforts to exert more control over the central bank, threatening decades of Fed independence.

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