Overview

• The Federal Open Market Committee cut rates by 25 basis points, and Stephen Miran dissented in favor of a 50 basis-point reduction.
• The Senate confirmed Miran in a 48–47 vote earlier this week to complete Adriana Kugler’s term through January 31, 2026.
• Miran will take unpaid leave from his position as chair of the White House Council of Economic Advisers rather than resigning.
• Fed Governors Michelle Bowman and Christopher Waller backed Chair Jerome Powell in the latest decision, leaving Miran as the sole dissent.
• The White House plans to appeal to the Supreme Court after an appeals court said President Trump cannot fire Governor Lisa Cook, a dispute that has heightened concerns about Fed independence as three Trump appointees now sit on the seven-member Board.