Overview
- The White House confirmed Miran’s resignation from the Council of Economic Advisers, while he continues as a Federal Reserve governor under the holdover provision until a successor is confirmed.
- In his letter, Miran said he honored a pledge to senators to leave the White House if he remained on the Fed beyond January.
- President Trump has nominated Kevin Warsh to become Fed chair when Jerome Powell’s leadership term ends in May, and observers say Miran’s seat could be the path for Warsh pending Senate action.
- Prospects for any Fed reshuffle face obstacles from a Justice Department probe involving Powell and declared Senate resistance, including a hold from Republican Sen. Thom Tillis and opposition on the Banking Committee.
- Since joining the board in September, Miran has dissented at four FOMC meetings in favor of larger or faster rate cuts, aligning with the administration’s push for easier policy.