The Federal Reserve faces heightened scrutiny following political interference attempts by the Trump administration, including an unsuccessful bid to remove Governor Lisa Cook and the contentious confirmation of Stephen Miran amid concerns over Fed independence. The upcoming FOMC meeting is expected to announce the first interest rate cut since December, though divisions persist within the committee on the extent of easing. These tensions add complexity to economic policymaking during a period of softening hiring and persistent inflation, with market reactions hinging on Fed communications and leadership dynamics.