U.S. President Donald Trump has announced the nomination of Stephen Miran as a candidate for the Federal Reserve Board of Governors. This comes in light of Adriana Kugler's unexpected resignation.
Who Is Stephen Miran?
Stephen Miran is the Federal Reserve nominee holding a Ph.D. in Economics from Harvard University. He is a known figure in conservative economic circles and currently serves as the Chair of the Council of Economic Advisors. During Trump's first term, Miran worked in the Treasury Department under then-Secretary Steven Mnuchin.
Miran's Temporary Appointment
Stephen Miran will serve in this temporary position until the end of Kugler's term, which expires on January 31, 2026. He is not considered a potential replacement for Chair Jerome Powell. The quick nomination suggests that Trump wants a 'Shadow Chair' to counter the Fed's current policies, particularly given criticism over actions taken during the COVID-19 crisis.
Future of the Fed Chair
Leading candidates for the Fed Chair position include Christopher Waller, with predictions indicating a greater than 46% chance for him. Current Chairman Jerome Powell, who is often criticized by Trump for maintaining high interest rates, will complete his term in May 2026.
Stephen Miran's temporary appointment to the Federal Reserve Board underscores Trump's aim to alter U.S. monetary policy. The impact on economic conditions and the cryptocurrency market remains to be seen.
