Washington (CNN) — With a pivotal Federal Reserve meeting coming up this week, America’s central bankers are confronted with an all-too-familiar question: Is it already too late to step in?

In just a few days, the central bank is expected to lower interest rates for the first time since December to shore up America’s crumbling labor market. Unusually weak hiring in recent months has locked in a rate cut, according to futures, with perhaps a few more by year’s end. But some central bankers — namely, Fed governors Christopher Waller and Michelle Bowman, both appointed by President Donald Trump — say the Fed should have cut interest rates in July, echoing Trump’s loud demands to lower borrowing costs.

During a speech in Miami on August 28, Waller — a potential Fed chair candidate — s

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