financetom
Economy
financetom
/
Economy
/
Trump economic adviser Miran gets Senate nod to join Fed board
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Trump economic adviser Miran gets Senate nod to join Fed board
Sep 15, 2025 6:52 PM

WASHINGTON (Reuters) -The U.S. Senate on Monday narrowly confirmed Stephen Miran to the Federal Reserve's Board of Governors, expanding President Donald Trump's influence over the world's most important central bank and handing his top economic adviser one of 12 interest-rate-setting votes on the eve of a key policy meeting.

The 48-47, largely party-line vote in the Republican-controlled Senate on Monday marked the final step of a swift process that began in August when Adriana Kugler resigned unexpectedly as a Fed governor, creating an opening on the seven-member Fed board for Trump to fill with someone more amenable to lowering interest rates, as the president has demanded for all year.

It typically takes months for a Fed governor nominee to be confirmed by the Senate; in Miran's case it took fewer than six weeks.

Pending the completion of paperwork and his swearing-in, Miran will take part in the U.S. central bank's two-day policy meeting that starts on Tuesday. Fed policymakers are expected to approve a quarter-percentage-point rate cut to support a weakening labor market at the end of the meeting on Wednesday. 

Analysts anticipate that Miran will dissent on the policy decision in favor of a bigger rate cut, though not necessarily the several-percentage-point reduction that Trump has demanded. As the head of the White House's Council of Economic Advisers, Miran has repeatedly said he believes the Republican president's hefty import tariffs won't cause inflation and that the president's other policies, including his immigration crackdown, will ease broad price pressures by reducing demand for housing.

As the newest Fed board member, Miran would have responsibilities that extend beyond voting on interest rates; governors typically serve on several committees with remits including U.S. financial regulation and supervision, community banking, and staffing and budget decisions for the U.S. central bank's system as well as its 12 regional banks. 

Miran will retain his White House job but go on unpaid leave while he serves at the Fed for a term that expires January 31, although he could stay on indefinitely if a successor for his Fed seat has not yet been picked and confirmed.

Democrats say the arrangement makes him a Trump "puppet," a charge that Miran denies.

Two other Fed governors appointed by Trump in his first term - Michelle Bowman and Christopher Waller - dissented during the July 29-30 meeting in favor of easier policy, and analysts say weaker-than-expected labor market data since that time could move them to dissent again in September in favor of a larger rate reduction than the quarter of a percentage point broadly priced in by financial markets.

A triple dissent by Fed governors has not occurred since 1988, early in former Fed Chair Alan Greenspan's term.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
US factory orders increase solidly in February
US factory orders increase solidly in February
Apr 2, 2024
WASHINGTON (Reuters) - New orders for U.S.-manufactured goods rebounded more than expected in February, boosted by demand for machinery and commercial aircraft as manufacturing regains its footing. Factory orders increased 1.4% after dropping 3.8% in January, the Commerce Department's Census Bureau said on Tuesday. Economists polled by Reuters had forecast orders rebounding 1.0%. They rose 1.0% year-on-year in February. Manufacturing,...
US job openings little changed in February; quits edge up
US job openings little changed in February; quits edge up
Apr 2, 2024
WASHINGTON (Reuters) - U.S. job openings held steady at higher levels in February, while the number of people quitting their jobs rose marginally. Job openings, a measure of labor demand, edged up 8,000 to 8.756 million on the last day of February, the Labor Department's Bureau of Labor Statistics said in its monthly Job Openings and Labor Turnover Survey, or...
The US Dollar Strengthens Following Positive Manufacturing Data
The US Dollar Strengthens Following Positive Manufacturing Data
Apr 2, 2024
By RoboForex Analytical Department The EUR/USD pair has dipped to its lowest since 15 February this year following the release of encouraging data regarding the US manufacturing sector's activity on Monday. This improvement, the first since September 2022, has bolstered the US dollar's position. The Institute for Supply Management (ISM) reported that the manufacturing business activity index climbed to 50.3...
Fed's Mester eyes rate cuts this year, but wants more data before acting
Fed's Mester eyes rate cuts this year, but wants more data before acting
Apr 2, 2024
NEW YORK (Reuters) - Federal Reserve Bank of Cleveland President Loretta Mester said on Tuesday she continues to think the central bank is on track to cut rates this year but still needs to see the data confirm such a move is possible. If the economy evolves as expected, then in my view it will be appropriate for the [Federal...
Copyright 2023-2025 - www.financetom.com All Rights Reserved