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yesterday

Trump Advances Plan to Pack Fed With Rate-Cut Allies

He has moved swiftly on a board nomination as part of a push for looser monetary policy.

Stephen Miran, chairman of the Council of Economic Advisers, in Washington, DC, on June 17, 2025.
Christopher Waller in Washington, DC, on February 13, 2020. For years, he had built a reputation for being a key messenger on the Fed's policy.
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Stephen Miran, chairman of the Council of Economic Advisers.

Overview

  • President Trump nominated White House economist Stephen Miran to fill a vacant seat on the Federal Reserve’s Board of Governors, pending Senate confirmation.
  • He has excluded Scott Bessent from contention and narrowed his list of potential Fed chair successors to Christopher Waller, Kevin Warsh, Kevin Hassett and James Bullard.
  • Each contender is viewed as willing to support aggressive interest rate cuts, underscoring the administration’s intent to exert greater influence over monetary policy.
  • JPMorgan analysts caution that Miran’s appointment could foreshadow moves to amend the Federal Reserve Act and diminish the central bank’s independence.
  • Financial markets have reacted to the prospect of political pressure on the Fed, and senators face pivotal confirmation votes in the coming weeks.