An “everything rally” in markets greets the start of a two-day Federal Reserve meeting, with stocks at record highs, bond yields subsiding and a two-month low dollar taking the heat ahead of what is widely expected to be the first U.S. interest rate cut of the year.

A quarter point Fed rate cut on Wednesday is fully priced. But the spotlight is as much on the central bank’s institutional standing as on the policy call itself, after a pair of developments underscored the White House’s growing sway over the Fed. Meanwhile, gold set a new record high, and China’s offshore yuan hit its highest level of the year after positive signs from the U.S.-China trade talks in Madrid. • The Senate’s narrow confirmation of Stephen Miran to the Fed’s Board hands President Donald Trump’s top economic adv

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