(Market Insider) — The U.S. Senate has confirmed Stephen Miran to the Federal Reserve Board of Governors, filling the seat vacated by Adriana Kugler, who resigned unexpectedly last month. The confirmation, finalized on September 15, comes just days before the Fed’s closely watched September 16–17 policy meeting.
Miran, who currently serves as chairman of the White House Council of Economic Advisers, was nominated by former President Donald Trump in August. His confirmation process took less than six weeks, an unusually swift timeline compared to the months it typically takes for new Fed governors. While serving at the Fed, Miran will take unpaid leave from his White House post.
Markets are widely expecting the central bank to lower interest rates by 25 basis points this week, reflecting signs of weakness in the U.S. labor market. However, analysts caution that Miran may push for a deeper 50 basis-point cut, reflecting Trump’s long-standing calls for more aggressive monetary easing. Miran has also been a vocal supporter of Trump’s tariff policies, arguing that import duties do not contribute to inflationary pressures.
His arrival adds to a growing bloc of dissenters inside the Fed. Earlier this year, Trump-appointed governors Michelle Bowman and Christopher Waller voted against keeping rates unchanged in July, marking the first time in more than three decades that multiple governors opposed the board’s decision. If Miran joins them in advocating for a sharper rate cut, it could set up the first instance since 1988 in which three Fed governors openly dissent from the consensus.
