Trump's pick for the Fed board could join in time for key rate cut vote

Group 1 - Stephen Miran, nominated by President Trump for the Federal Reserve Board of Governors, may be confirmed in time for the mid-September rate-setting meeting [1][5] - The Federal Open Market Committee (FOMC) is expected to cut rates in September following Chairman Jerome Powell's indication of a softer policy stance during his Jackson Hole address [1] - The FOMC consists of 12 voting members, including the seven governors of the Federal Reserve Board and the president of the New York Fed [2] Group 2 - Miran's nomination follows the resignation of Federal Reserve Governor Adriana Kugler, which Trump described as a "pleasant surprise" allowing for a candidate more aligned with his economic agenda [6] - Trump has intensified pressure on the Federal Reserve to lower interest rates to 1% to stimulate economic growth, while Powell has maintained a key borrowing rate between 4.25% and 4.5% [9] - If Trump successfully removes Federal Reserve Governor Lisa Cook, he would gain a majority of appointments on the Fed's board, enhancing his influence over U.S. monetary policy [10][11]