Overview

• President Trump officially nominated Council of Economic Advisers Chair Stephen Miran to fill the seat vacated by Adriana Kugler through January 31, 2026.
• If confirmed, Miran would join the seven-member Federal Reserve Board as a near-certain vote in favor of cutting interest rates.
• Jerome Powell plans to remain on the Board of Governors after his chair term ends in May 2026, reducing Trump’s chances to appoint additional governors until at least 2028.
• Trump’s advisers are vetting permanent Fed nominees, with Governor Christopher Waller among those considered to succeed Powell in 2026.
• A Senate recess delays Miran’s confirmation hearings until September, likely preventing him from voting at the Fed’s mid-September policy meeting.