Sources familiar with the matter: Fed Governor nominee Milan is expected to be confirmed by the full Senate on Monday

The U.S. Senate Banking Committee voted along party lines on Wednesday to nominate Stephen Milan, a Trump advisor, to a short-term position on the Federal Reserve Board. Republicans are moving quickly to confirm his nomination before next week's interest rate-setting meeting. Sources familiar with the matter said the committee approved Milan's nomination by a 13-11 vote, putting him on track for confirmation by the full Senate on Monday. The Federal Reserve will meet later next week, and markets widely expect it to cut interest rates for the first time since December due to slowing job growth.