President Trump finally scored a win against the Federal Reserve.

After months of pressure on the central bank to lower interest rates, Trump successfully seated a new member on the Fed board, Stephen Miran, following his approval by the Senate.

The Harvard-educated economist was voted in along partisan lines, 48-47. He replaces Adrian Kugler, a Biden appointee who abruptly resigned in August.

Miran was seated just in time to partake in a crucial two-day policy meeting of the Federal Open Market Committee. It is expected that the Fed will cut interest rates for the first time in nearly a year, acceding to a key demand from Trump.

Trump appoints Fed governor

The president has repeatedly argued that interest rates should come down as inflation has cooled. Trump wants to lower borrowing costs to stimulate the economy and ease the housing crisis, which has left home purchases out of reach for millions of Americans.

Trump's critics have accused him of targeting the traditional political independence of the Fed, whose members serve staggered 14-year terms.

Miran's appointment has caused panic among Democrats, who say he will operate as a puppet of Trump. The economist and White House economist supports Trump's immigration crackdown and his historic tariffs, which Miran argues have not raised inflation.

Miran is the first sitting White House official to ever join the Fed. He is taking an unpaid leave of absence from the White House Council of Economic Advisers until January, when his Fed term is set to expire.

Miran has said he will resign from the White House if his term is extended beyond that point.

Rate cut

For months, the Fed has resisted Trump's demands to lower interest rates, citing the uncertain impact of Trump's tariffs on inflation.

With the labor market slowing, it is expected that the Fed will cut rates modestly at Wednesday's meeting, but Trump has pushed for a more aggressive approach.

Trump has disparaged Fed chair Jerome Powell, labeling him "too late" over his reluctance to reduce interest rates sooner. Ahead of this week's meeting, Trump said Powell "MUST CUT INTEREST RATES, NOW, AND BIGGER THAN HE HAD IN MIND.”

Powell's term as Federal Reserve chair is up in May, providing Trump another opportunity to extend his influence over the bank.

Trump has sought to fire Federal Reserve governor Lisa Cook, a Biden appointee, accusing her of lying on her mortgage applications. An appeals court blocked Trump from sacking Cook on Monday.