President Trump's push for greater influence over the Federal Reserve faces a test Thursday, with a Senate hearing to confirm his ally, Stephen Miran, as a Fed governor. Traders firmed up their wagers on a September rate cut Wednesday after new labor-market data showed job openings ticked lower in July. August nonfarm payrolls are due Friday, but before then the ADP employment report and a gauge of services-sector activity will be in focus. The economy held together over the summer, but not without stress for consumers who are facing higher prices and fewer job-market opportunities, according to a regular anecdotal survey of businesses run by the Fed. And the Trump administration asked the Supreme Court Wednesday to hear its appeal of a ruling that rejected the president's "reciprocal" tariffs.

President Trump’s campaign to bring the Federal Reserve under tighter White House control faces a major test Thursday when the Senate weighs confirming Stephen Miran, a senior White House economic adviser, to the central bank’s board of governors.

The Senate Banking Committee hearing will for the first time force GOP senators to balance their past support for Fed independence against their reluctance to cross Trump. The president has attempted to fire one Fed governor and publicly berated the central bank for not lowering rates.

• Is the August jobs report the biggest in years? Probably not, but another tepid increase in hiring is sure to cement a reduction in U.S. interest rates this month — and possibly more cuts after that. Wall Street is certainly expecting a dull jobs report. Forecasters predict a small 75,000 increase in new jobs, with the unemployment rate rising a notch to a nearly four-year high of 4.3%. (MarketWatch)

• ECB’s Villeroy Joins European Defense of Fed Independence

8:15 a.m.: ADP National Employment Report
8:30 a.m.: Unemployment Insurance Weekly Claims Report - Initial Claims
9:45 a.m.: U.S. Services PMI
10 a.m.: U.S. Senate committee considers nomination of Stephen Miran to the Federal Reserve
12:15 p.m.: Economic Club of New York event with Federal Reserve Bank of New York President John Williams
7 p.m.: Federal Reserve Bank of Chicago President Austan Goolsbee speaks at mHUB Industry Disruptor Series event

8:30 a.m.: U.S. Employment Report

Despite concerns over inflation, supplier price increases and recent declining demand and profit expectations, a PNC survey finds that 84% of business owners are optimistic about the prospects for their own business. The semi-annual survey shows those numbers trending upward from the spring—78%—and last fall—76%. About 58% of business owners are optimistic about the national economy, up from last spring—50%. About 44% of businesses are optimistic about the global economy. According to the survey, the top potential risk owners foresee for their business over the next six months is inflation, with 46% stating they are extremely concerned, and 44% believing a recession in the next 12 months is likely, with 16% considering it "extremely likely," and 28% feeling it is "somewhat likely." Less than half—48%—expect their profits to increase in the next six months. — Chris Wack

The European Central Bank is expected to leave the deposit rate unchanged at 2.0% on Sept. 11 in response to evolving risk considerations, economists at Barclays say. "We expect the ECB to continue characterising risks to the growth outlook as tilted to the downside, with U.S. tariffs viewed as a net negative demand shock as the risk that the EU would retaliate against U.S. trade measures has dissipated," Mariano Cena and Saadalla Nadra-Yazji say in a note. The ECB will likely reiterate that a deterioration in market sentiment could lead to tighter financial conditions and weaker activity, they say. The ECB may revise the 2025 annual average GDP growth projection to 1.2% from 0.9% and lower the 2026 forecast to 1.0% from 1.1%, they add. — Monica Gupta

Swedish underlying inflation is moving lower and the country's central bank is likely to cut rates at its next two meetings, Swedbank economist Glenn Nielsen writes. Underlying inflation fell to 2.9% in August according to preliminary data, from 3.2% in July. "With inflation seen continuing falling to the target in coming months, the Riksbank is likely to focus on kick-starting the Swedish economy," Swedbank says. The Riksbank will now be more confident about the fact that the surprisingly high inflation in early summer was, as argued, mostly due to temporary factors, it says. Swedbank forecasts rate cuts at both the September and November meetings, bringing the policy rate to 1.50%. — Dominic Chopping

• European leaders said Wednesday that they would formally propose a landmark trade deal with a cluster of South American nations, boosting Europe’s economic partnerships at a time when relations with the U.S. remain strained.
• Swiss annual inflation held at a low level in August, keeping the country’s central bank on guard as it considers cutting its key interest rate to below zero later this month.
• Big Oil has a tough balancing act: Help further President Donald Trump’s “energy dominance” agenda and stick to its climate goals at the same time.

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.