US President Donald Trump announced Thursday that he will nominate Stephen Miran, his top economic adviser, to join the US Federal Reserve, the country’s central bank, for a four-month term, US media reported.
If approved by the Senate, Miran will take over from Adriana Kugler, an appointee of former President Joe Biden, who stepped down on Friday. His term would last until January 31, 2026.
The Federal Reserve (often called “the Fed”) sets US interest rates and regulates the banking system. It is designed to operate independently of day-to-day politics, but Trump has long criticized its current chair, Jerome Powell, for not cutting rates.
Lower rates would make borrowing cheaper, which Trump says would reduce costs for the government’s huge debt and help the struggling housing market. Many economists, however, warn that cutting rates while also imposing new tariffs (taxes on imported goods) could push prices higher, worsening inflation.
Miran is a strong supporter of Trump’s economic policies, including tax cuts and tariffs on foreign goods. He argues these measures will boost economic growth without driving up inflation. If confirmed, Miran would likely vote for interest rate cuts, breaking from Kugler’s more cautious approach.
Trump’s appointment of Miran is his first chance in his current term to influence the Fed’s decision-making. Bigger changes could come in 2026, when Powell’s term as chair ends. Possible replacements include former Fed governor Kevin Warsh, ex-Trump advisor Kevin Hassett, and current Fed governor Christopher Waller, who often supports Trump’s economic views.
Miran has also promoted unconventional ideas, such as deliberately lowering the value of the US dollar to make American exports cheaper and reduce the country’s trade deficit. He has suggested reforms that would give the president more power to remove Fed officials, arguing the current system encourages “groupthink” and policy mistakes.
After last week’s US jobs report, Miran accused Powell of acting too slowly on interest rate cuts, saying Trump’s predictions on inflation would “once again” be proven correct.
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