Workers clean up an eagle statue on the Marriner S. Eccles building at the Federal Reserve headquarters in Washington, DC. Kevin Dietsch/Getty Images

Federal Reserve officials are convening this week for a pivotal meeting under unprecedented circumstances.

At 2 p.m. ET on Wednesday, 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.

Stephen Miran attends a nomination hearing on Capitol Hill in Washington, DC, on September 4. Elizabeth Frantz/Reuters

On Monday,

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