The race to reshape the Fed comes after Trump railed for months against the central bank and its Chair Jerome Powell for declining to heed his call for lower interest rates. The clash over the composition of the Fed board casts uncertainty over the Fed’s meeting on Wednesday, where officials are expected to announce the central bank’s first rate cut since December. Miran has been nominated for a vacancy created by the early retirement of Fed board member Adrianna Kugler, whose term was set to end in January. Miran reached the decision after “advice from counsel,” since his term on the Fed board would last four months, Miran said at a Senate hearing this month. Powell recently hinted at the possibility of an interest rate cut, appearing to indicate greater concern for flagging employment growth than for rising prices.