Overview

• Miran was chosen to fill the vacancy left by Adriana Kugler and would serve until January 31, 2026, pending Senate confirmation.
• The Senate remains in recess until early September, making it unlikely Miran’s nomination will be finalized before the next FOMC meeting on September 16–17.
• As a tariff skeptic and rate-cut advocate, Miran would join Trump appointees Christopher Waller and Michelle Bowman in supporting near-term interest rate reductions.
• Markets are pricing in a 93% probability of a quarter-point rate cut at September’s meeting and predict Miran would vote in favor of easing.
• Analysts warn that installing a loyalist heightens concerns over the Federal Reserve’s autonomy and sets the stage for permanent White House nominees ahead of Powell’s term expiration in May 2026.