Overview

• President Trump nominated Council of Economic Advisers Chair Stephen Miran to fill the Fed board vacancy left by Adriana Kugler.
• The nomination requires Senate confirmation, but the chamber’s August recess will delay any hearing until early September.
• Markets reacted to the announcement by sending the dollar down 0.3 percent and pushing gold toward $3,400 per ounce on bets for near-term rate cuts.
• Miran’s previous work includes a Manhattan Institute report proposing eight-year removable Fed terms and an expanded voting role for regional bank presidents.
• Christopher Waller is emerging as the frontrunner to succeed Jerome Powell when his term as Fed chair ends in May 2026.