Federal Reserve Chair Jerome Powell at a news conference in Washington, DC, on March 19. Kevin Dietsch/Getty Images Washington —

Federal Reserve officials are convening Tuesday and Wednesday for a pivotal meeting under unprecedented circumstances.

On Wednesday at the conclusion of their two-day policy meeting, central bankers are expected to announce their first interest rate cut since December to support America’s slowing labor market, with the hopes that President Donald Trump’s expansive tariffs might have only a limited impact on inflation.

But there’s an elephant in the room as officials debate about the US economy: Trump’s aggressive effort to reshape the Fed’s top ranks.

On Monday, the Senate confirmed Stephen Miran , Trump’s top economic adviser, to serve on the Fed’

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