"In a letter announcing his resignation, Miran was critical of the Fed's approach to measuring inflation and said if the central bank "doesn't adjust for these errors, it will run unemployment higher than it has to, fighting fake rather than real inflation.""
"Miran also said he's excited about the changes that Warsh plans to make at the Fed, including a shake-up of its communications and balance sheet policies."
"Miran, who joined the Fed in September, initially took unpaid leave from his White House job when joining the central bank, before resigning from that post in February. A noted dove, Miran voted for interest-rate cuts in every policy meeting during his period as a policymaker, including dissenting votes urging the central bank to cut by more than fellow officials agreed."
"The move by Miran was expected given his seat on the Fed's Board of Governors will be taken by Warsh. The Senate on Wednesday narrowly confirmed Kevin Warsh as chair of the Fed, clearing the way for his swearing soon after outgoing Chair Jerome Powell's term ends on Friday."
Stephen Miran will resign from the Federal Reserve effective when incoming Chair Kevin Warsh is sworn in, or shortly before. His resignation was expected because Warsh will take Miran’s seat on the Board of Governors. In a letter announcing the resignation, Miran criticized the Fed’s approach to measuring inflation, warning that failing to correct errors would raise unemployment by fighting “fake” inflation rather than real inflation. Miran said he is excited about changes Warsh plans to make, including shake-ups to communications and balance sheet policies. Miran joined the Fed in September, took unpaid leave from a White House role, then resigned from that post in February. He voted for interest-rate cuts at every policy meeting and issued dissenting votes urging larger cuts. The Senate narrowly confirmed Warsh as chair, clearing the way for his swearing in after Jerome Powell’s term ends on Friday.
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