Stephen Miran Confirmed to Federal Reserve Board Ahead of Key Policy Meeting
The U.S. Senate has confirmed Stephen Miran, one of Donald Trump’s top economic advisers, to the Federal Reserve Board of Governors. The vote was extremely close, passing 48–47 along party lines. Miran will take the seat left vacant after Adriana Kugler’s resignation in August and will serve until January 2026.
Miran will also remain connected to the White House Council of Economic Advisers, though he will take unpaid leave while working at the Fed. This move has raised concerns among Democrats, who argue that it could blur the line between the independent central bank and the Trump administration.
Analysts believe Miran will likely support interest rate cuts, aligning with Trump’s long-standing call for looser monetary policy. His confirmation comes just days before a major Federal Reserve policy meeting, meaning he will immediately have a vote on interest rate decisions. This makes his position even more influential for the U.S. economy, financial markets, and forex trading.
With inflation still above target and the U.S. labor market showing signs of weakness, Miran’s entry could tilt policy debates toward quicker action on rate cuts. Traders in the stock market, bond market, and currency market will be watching closely for any signals.
Impact:
Miran’s appointment could increase chances of faster interest rate cuts. His presence may also raise questions about the Fed’s independence under Trump’s influence.
