Overview

• President Trump formally nominated Stephen Miran, his Council of Economic Advisers chair, to the Federal Reserve Board pending Senate approval through January 31, 2026.
• The appointment addresses the unexpected departure of Fed Governor Adriana Kugler, who resigned last week.
• If confirmed, Miran will hold one of the Board’s 12 votes on monetary policy during a period of persistent inflation and trade-policy uncertainty.
• The White House has begun vetting Christopher Waller, Kevin Hassett and Kevin Warsh as leading candidates to replace Jerome Powell when his term expires in May 2026.
• Trump has publicly criticized Powell’s decision to maintain short-term interest rates and signaled his preference for officials favoring more aggressive rate cuts.