Donald Trump nominated Stephen Miran, chair of the White House's Council of Economic Advisers, to temporarily fill a Federal Reserve board vacancy. Miran's appointment follows the resignation of governor Adriana Kugler, effective Friday. If approved, he will serve until January 31, 2026. This is Trump's first moment to influence the Fed, which remains politically insulated. Miran has supported tax cuts and has less concern over inflation from tariffs. His nomination could lead to a stronger push for lower interest rates within the Fed.
Miran has been a major defender of Trump's income tax cuts and tariff hikes, arguing that the combination will generate enough economic growth to reduce budget deficits.
The choice of Miran may heighten concerns about political influence over the Fed, which has traditionally been insulated from day-to-day politics.
Miran's nomination, if approved, would add a near-certain vote in support of lower interest rates.
Trump has relentlessly criticized the current chair, Jerome Powell, for keeping short-term interest rates unchanged, calling him 'a stubborn MORON' last week on social media.
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