Newsletters
U.S. President Donald Trump nominated Stephen Miran, chairman of the Council of Economic Advisors, to fill a recently vacated seat on the Federal Reserve Board on Thursday.
Miran will serve in the seat vacated by board member Adriana D. Kugler, whose resignation was submitted last week. His term is set to run through Jan. 31, 2026.
The announcement, made on Trump’s Truth Social account, comes amid ongoing tensions between the White House and the central bank over interest rate policy.
Trump said the search for a permanent replacement will continue in parallel.
“Stephen has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled,” Trump said. “He will do an outstanding job.”
The appointment could influence future monetary policy discussions at the Fed, as the board prepares for what many expect to be the beginning of a new easing cycle. Kugler, the outgoing board member, was originally appointed by former President Joe Biden.
The Federal Reserve Board is composed of seven members, each serving staggered 14-year terms. While the institution is designed to operate independently of political influence, recent appointments and criticism have drawn renewed attention to its relationship with the executive branch.
Stephen Miran, who holds a Ph.D. in economics from Harvard University, is known for his support of protectionist trade measures and a weaker U.S. dollar. He has argued that a strong dollar makes American exports less competitive and undermines domestic manufacturing.
In a 41-page essay titled "A User’s Guide to Restructuring the Global Trading System," Miran outlined a policy framework that has been cited as a basis for Trump’s trade strategy during both his terms in office.
Miran has also expressed skepticism over the Federal Reserve’s independence, writing in a previous article that the central bank “isn’t as independent as it seems.”
The appointment follows Trump’s ongoing criticism of the Federal Reserve and its chair, Jerome Powell. Since returning to the office, Trump has intensified pressure on the central bank to reduce borrowing costs more aggressively, labeling Powell as “Mr. Too Late” for not initiating interest rate cuts earlier.
The Fed has held its benchmark rate steady between 4.25% and 4.5% since December. However, analysts expect the Federal Open Market Committee to begin cutting rates at its next policy meeting on Sept. 17, according to CME Group’s FedWatch Tool.
1 min read
2 min read
