Jerome Powell brought the Federal Reserve together for a quarter-point rate cut in his first meeting with newly appointed White House adviser Stephen Miran. Despite some on Wall Street predicting deeper divisions, the FOMC majority coalesced to support Powell’s direction, signaling his enduring control.

Stephen Miran, President Trump’s choice for the Federal Reserve, is slated to appear before the Senate Banking Committee on September 4. The timing is critical, as the administration hopes to confirm him before the upcoming Federal Open Market Committee meeting on September 16 and 17.