The Senate is set to vote Monday on Stephen Miran's nomination to the Federal Reserve's board, as Republicans rush to confirm him ahead of the rate-setting meeting starting Tuesday. A meeting of the Fed is widely expected to result in an interest-rate cut after a long pause, with investors likely to focus on the pace of rate reductions after that. Interest-rate decisions are also due during the week in Japan, Canada and the U.K., among others.

Two years ago, Stephen Miran’s career in finance seemed to reach a dead end. The investment firm he co-founded was closing, having never really gotten off the ground.

Now he is at the forefront of President Trump’s bid to remake the Federal Reserve.

Miran, chair of the White House’s Council of Economic Advisers, is poised to join the Fed’s board of governors, part of the 12-member panel that sets interest rates to steer the U.S. economy. It would be the first time since the creation of the modern Fed in the 1930s that a sitting member of the executive branch would also serve at the central bank.

Anxious home buyers are sometimes advised to watch out for the Federal Reserve’s next move. In reality it is the bond market that bears watching closest, and not just plain old Treasurys. Long-term bond yields have been drifting lower because of a host of factors, including expectations that the Fed will soon start cutting interest rates but also rising risks of a recession.

8:30 a.m.: Empire State Manufacturing Survey

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

The dollar should rise if the Federal Reserve delivers a widely expected 25 basis-point interest-rate cut next week but sounds cautious about further cuts, TD Securities strategists say in a note. The market is priced for back-to-back cuts as growth concerns become paramount, they say. However, the Fed could dampen those expectations, highlighting potential inflation risks. "[Fed Chair Jerome] Powell can signal that the Fed is not on a pre-determined path to cut interest rates and will keep monitoring incoming data to assess the risks." This would lift the dollar. However, the dollar still looks to fall over the longer run and any rallies represent good opportunities to sell, they say. — Renae Dyer

• The coolest trade on Wall Street is known as “run it hot.” While slowing job growth and tariff-related costs remain primary concerns for investors, the core of the trade lies in betting on an economic resurgence, not a recession. 
• The increase in sales of existing homes in Canada slowed in August from the prior month, with activity remaining below the long-term historical average and prices continuing to decline from a 2022 peak. (Dow Jones Newswires)
• European exports dropped slightly in July, though to the U.S. they picked up after a sharp fall in June as tariffs continued to raise uncertainty for export firms.
• Signs of weakness in China’s economy stretched into August, adding pressure on Beijing to step up efforts to stimulate near-term growth.
• For two months, Chinese diplomats have courted the White House, hoping to lock in a visit by President Trump to China that would grant leader Xi Jinping a significant diplomatic victory, according to people familiar with the matter.
• Gold’s value has ballooned by 39% this year, putting it on track for a greater annual price jump than during the depths of the Covid pandemic or 2007-09 recession, according to Dow Jones Market Data.

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.