Overview
- The Federal Reserve said Stephen Miran took the oath on Tuesday, allowing him to join this week’s two-day policy meeting.
- The Senate confirmed Miran by a 48–47 vote, with Democrats warning his appointment threatens the central bank’s independence.
- Miran will fill the seat vacated by Adriana Kugler through January 31, 2026, and he told senators he will take unpaid leave from his White House CEA post rather than resign.
- A federal appeals court allowed Governor Lisa Cook to remain on the board for now, and the White House plans to ask the Supreme Court to block her participation.
- Investors largely expect the Fed’s first rate cut of 2025, as President Trump publicly presses Chair Jerome Powell to lower rates immediately and more aggressively.