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Trump’s Bid to Oust Fed Governor ⁢Cook Fails; Miran Confirmed

donald Trump has failed in​ a last-ditch effort to ‍remove Lisa Cook ⁣from the Federal Reserve before⁤ its decision on interest rates this‌ week, even as his nominee to the US central bank’s board Stephen Miran was confirmed in a knife-edge Senate ‌vote.

Hours before the ‌Fed is due to start a high-stakes meeting on whether ⁤to cut borrowing costs for the first time this year, ⁣a US appeals court rejected Trump’s eleventh-hour bid to oust Cook as a governor.

In a‌ 2-1 ruling, the ⁢US Court of ‌Appeals for the district of Columbia allowed her to remain in post while⁤ the courts‌ decide ‌whether Trump can remove ⁢her over allegations of mortgage ‌fraud.

The ruling is ‍a blow to Trump, whose administration has piled pressure on the central bank to lower interest rates.

But within⁢ minutes‍ of the court’s ruling ​the Senate confirmed Trump’s choice of Miran, the chair of the US president’s Council ⁤of Economic Advisers, to become​ a Fed ⁤governor in a 48-47 vote. It gives miran the opportunity to​ participate in this week’s⁢ meeting.

The Upcoming FOMC Meeting and Potential Rate Cuts

Members of the Federal Open Market Committee⁣ are expected to‍ back ‌a quarter-point ⁣cut in borrowing costs⁢ from their current levels of between 4.25 per cent and 4.5 per cent.

Some ⁢voters, including Fed governor Christopher Waller and Miran, could support a cut of‌ half a point⁢ or more