Overview

• On Aug. 6, Trump named White House economist Stephen Miran to fill the Fed governor vacancy left by Adriana Kugler’s resignation through Jan. 31, with eligibility for a full 14-year term thereafter
• In a CNBC interview on Aug. 12, Miran emphasized that the Fed’s autonomy is of paramount importance but declined to discuss specifics ahead of his Senate confirmation
• A 2024 paper co-authored by Miran for the Manhattan Institute proposed major governance reforms, including shorter board terms, nationalization of regional banks and expanded presidential authority
• Miran’s assertions that tariffs do not produce meaningful inflation and his critique of China’s managed currency policies reflect his dovish stance on interest rates and alignment with Trump’s trade agenda
• The Senate recess will likely push any confirmation vote to early September, after the Fed’s mid-September policy meeting, raising questions about the bank’s leadership ahead of potential rate cuts