Central bank meetings will take place in both the United States and Japan this week.
The FOMC decision will be announced on Wednesday, followed by the BOJ’s policy meeting result on Friday. A 25bp rate cut by the FOMC and a hold by the BOJ are both seen as virtually certain, but political factors are influencing both cases.

At the FOMC, two governors are in unusual circumstances.

 

Regarding Governor Lisa Cook, whose dismissal President Trump announced on allegations of mortgage fraud, a federal district court issued a temporary injunction on September 9 to block the removal. Trump took the matter to the federal court of appeals on September 10, and the legal battle continues.

 

 

Meanwhile, Stephen Miran, nominated by the administration for a term running through the end of January, is expected to be confirmed by the Senate ahead of the FOMC.

 

However, he will serve as a Federal Reserve governor while on unpaid leave from his position as Chair of the Council of Economic Advisers.

 

Entering the Fed while retaining such ties with the administration is without precedent.

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