What to expect from the most extraordinary Fed meeting yet

(CNN) — 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.

On Monday, the Senate confirmed Stephen Miran , Trump’s top economic adviser, to serve on the Fed’s Board of Governors to complete a vacated term that expires at the end of January, but could be extended. Miran has said he won’t commit to resigning when his term ends if a pe