September Federal Reserve Board of Governors composition prediction: Trump line may have an advantage of four to three.

On August 31, in addition to Cook, who is currently "fighting a lawsuit" with Trump, the Federal Reserve Board of Governors (full member 7) also includes Powell and two Biden-appointed governors (Jefferson and Barr), who stand on the same side as Powell, just like Cook. In addition, there are two governors appointed by Trump during his first term (Waller and Bowman), both of whom voted in favor of the rate cut in July. Trump has nominated his advisor Stephen Miller to fill the vacancy left by Cook's resignation, and the Senate Banking Committee will hold a confirmation hearing for Miller next Thursday. If approved quickly, he might join the Fed in time for the September meeting, meaning Trump will have at least three supporters on the Federal Reserve Board. Furthermore, if the court rules that Trump can fire Cook, Trump will quickly nominate her successor to gain a majority of supporters in the board by four to three. This ruling is unlikely to be completed before the September meeting, but Cook's absence could lead to a tie among the three governors appointed by Trump, the two appointed by Biden, and Powell. ( Jin10 )