| The Federal Reserve’s decision to cut its benchmark interest rate by a quarter-point today was, among other things, a testament to central bank independence. Although President Donald Trump has been relentless in pressuring Fed Chair Jerome Powell to slash borrowing costs this year, the 12-member committee that sets rates followed the expected course with a much more normal-sized cut. The vote count shows the committee was largely unified behind Powell’s measured approach to rates. The sole dissent came from Stephen Miran, the Trump economic adviser who was only confirmed to his seat on the Fed’s Board of Governors on Monday night and sworn in yesterday. Trump’s been angling to increase his influence over the Fed. That effort has included an attempt to fire Fed Governor Lisa Cook over allegations she improperly took out mortgages on two homes, listing both as her primary residence. But today’s decision may hint at the difficulty in securing a desired outcome simply by replacing members of the Fed’s board. Governors Christopher Waller and Michelle Bowman, both of whom were appointed by Trump in his first term, have argued the Fed should have started cutting rates earlier. Read More: They were seen as possible dissenters today in favor of a larger move, after voting against the Fed’s decision in July to leave rates unchanged. But each stuck with the quarter-point reduction in the end. During his news conference after the rate announcement, Powell noted that with 19 members on the Fed and 12 with voting power, a single governor would need to be “incredibly persuasive” to swing the outcome. Miran, apparently, did not clear that bar. Powell otherwise avoided wading into the political intrigue currently engulfing the Fed. He declined to comment on Cook’s ongoing court case over Trump’s bid to oust her. (The Trump administration said it intends to appeal to the Supreme Court to let him proceed, but a filing is still pending.) The Fed chief also passed on directly addressing whether Miran merely being on temporary leave from Trump’s Council of Economic Advisers while he serves on the Fed has any implications for the central bank. “We’re strongly committed to maintaining our independence,” Powell said, “and beyond that I really don’t have anything to share.” — Joe Sobczyk | 
