The Federal Reserve's rate-setting meeting, scheduled to begin later today, is set to be an interesting one. Late Monday, an appeals court blocked President Trump from removing Lisa Cook from the Fed's board ahead of its meeting. So, she will be at the two-day meeting, barring last-minute moves by the administration. With her will be Stephen Miran, Trump's senior economic adviser, whom the Senate confirmed to the Fed's board last night. Investors widely expect the Fed to cut its key interest rate a quarter-point on Wednesday. Much of the suspense lies in whether Powell strikes a hawkish or dovish tone in his press conference afterward.

President Trump notched a swift victory Monday night when the Senate confirmed his senior economic adviser to join the Federal Reserve board just hours before officials gather to consider cutting interest rates at a two-day meeting that starts Tuesday.

The Republican-controlled Senate approved Stephen Miran’s confirmation largely along party lines, on a 48-47 vote, just two weeks after receiving his nomination from the White House, making it the second-fastest Fed confirmation in more than a quarter-century. Miran will fill the seat that Adriana Kugler unexpectedly stepped down from last month.

• What Investors Get Out of Quarterly Earnings

8:30 a.m.: Import & Export Price Indexes
8:30 a.m.: Advance Monthly Sales for Retail & Food Services
9 a.m.: Johnson Redbook Retail Sales Index
10 a.m.: NAHB Housing Market Index
7 p.m.: U.S. Federal Open Market Committee meeting

8:30 a.m.: New Residential Construction - Housing Starts and Building Permits
9:45 a.m.: Bank of Canada interest rate announcement
2 p.m.: Federal Reserve economic projections
2 p.m.: U.S. interest rate decision

Alongside lowering interest rates by a widely expected quarter point on Wednesday, Fed officials are likely to pencil in at least one more rate reduction before the year ends. The most recent Fed dot plot, in June, showed the median Fed official projected two total cuts in 2025, and that's likely where the projection will stay, David Mericle of Goldman Sachs writes. Inflation remains a thorn in the side, but the labor market has become more urgent, he writes. In his press conference, the Fed chair may not outright promise an October cut: "However, Chair Powell might hint softly in that direction in his press conference," Mericle writes. — Matt Grossman

The latest U.K. labor-market data won't do much to alleviate the Bank of England's concerns about inflation, Capital Economics Ashley Webb says in a note. While the modest falls in payroll employment suggest that the labor market continued to loosen, albeit only gradually, annual wage growth remains elevated at 4.8% excluding bonuses, he says. The 8,000 fall in payroll employment in August was the ninth monthly fall in the ten months since the government budget in October, even if the fall in payroll employment since then was revised downward. But with households' inflation expectations at a six-year high in August, the stubbornness of wage growth will do little to ease the BOE's concerns about the upside risks to inflation, Webb says. — Edward Frankl

• Canadian factories notched the biggest rise in sales in almost two years in July as manufacturing activity showed signs of recovery from the blow dealt by the shift in U.S. trade policy and tariffs.
• Industrial production in the eurozone returned to growth in July, a reflection of resilience in the face of U.S. tariffs that threatened to crimp demand.
• The U.K.’s unemployment rate held steady as pay growth cooled slightly, likely keeping the Bank of England on course to keep its key interest rate unchanged at this month’s meeting.
• U.K. annual grocery inflation fell slightly in August but remained stubbornly high, providing limited relief for shoppers, according to the latest report from market researcher Worldpanel by Numerator. (Dow Jones Newswires)

WSJ Pro Central Banking brings you central banking news, analysis and insights from WSJ’s global team of reporters and editors. This newsletter was compiled by markets reporter Vicky Ge Huang in New York. Send your tips, suggestions and feedback to vicky.huang@wsj.com.