President Trump taps economist Stephen Miran for Fed board—but the real policy pivot hinges on his next Fed chair pick. Here’s who’s in the running.
Table of Contents
Trump’s “MAGA Fed” Move: Miran Takes a Seat — But the Real Stakes Lie Ahead
TL;DR:
- Trump has nominated Stephen Miran, chair of his Council of Economic Advisers, to fill a vacant seat on the Federal Reserve Board until January 2026.
- His next appointment—Fed Chair—is far more consequential. Shortlist includes Kevin Warsh, Kevin Hassett, Christopher Waller, James Bullard, and more.
- Miran’s presence may nudge the Fed toward rate cuts, shifting policy dynamics and setting the stage for the next era of central-bank leadership.
Introduction
President Trump recently named Stephen Miran, the chair of his Council of Economic Advisers, to the Federal Reserve’s Board of Governors—one small move that buys time, but may reshape long-term monetary policy. His real power play? The race to replace Jerome Powell as Fed chair.
Section 1: Who Is Stephen Miran, and What Does His Nomination Mean?
Trump’s latest appointment positions Miran in the Fed’s rate-setting committee until January 31, 2026.
He’s a loyalist and architect of many of Trump’s tariff and economic policies, pushing for structural reforms—like shortening Fed board terms and reining in executive independence.
Analysts expect that Miran’s confirmation could make the Fed more amenable to rate cuts, possibly four by early 2026, as per JPMorgan forecasts. Moreover, he may embolden other dissenting governors to challenge the consensus, reshaping internal Fed debate.
Section 2: The Bigger Prize — Trump’s Search for a Fed Chair
With Powell’s term ending in May 2026, Trump is hunting for a successor. His shortlist includes:
- Kevin Warsh – Former Fed governor with strong Wall Street ties. Seen as a close ally, partly due to personal connections
- Kevin Hassett – Long-time Trump economic advisor known for loyalty and upbeat (sometimes flawed) economic models.
- Christopher Waller – Current Fed governor whose recent dissent on interest rates plays well with Trump’s objectives.
- James Bullard – Former St. Louis Fed president, recently endorsed rate cuts, now added to the candidate pool.
- Others – Economic consultant Marc Sumerlin and Treasury Secretary Scott Bessent are also being considered as the search expands.
Section 3: What’s at Stake
- Policy Direction: A new chair could steer monetary policy more aggressively toward rate cuts, aligning with Trump’s growth agenda.
- Fed Independence: Greater politicization of the Fed raises concerns about its institutional autonomy.
- Market Impact: Observers from JPMorgan now foresee multiple cuts in 2025–26, mirroring signals of shifting policy tone.
- Internal Fed Dynamics: Miran’s potential to encourage public dissent may dismantle the Fed’s long-standing consensus culture.
Conclusion & What to Watch
Stephen Miran’s nomination is more than just filling a seat—it’s a tactical pause in Trump’s broader strategy to reshape the Federal Reserve. The real pivot lies ahead, with the upcoming battle over who will lead the central bank into a new era.
Keep an eye on: Senate confirmation hearings for Miran, clarity on the evolving shortlist, and how bond and equities markets respond to policy signals. A new Fed era may be dawning—and it begins now.
FAQs About Trump’s Fed Picks and the Future of U.S. Monetary Policy
Q1: Who is Stephen Miran?
Stephen Miran is the chairman of President Trump’s Council of Economic Advisers and was recently nominated to fill a vacant seat on the Federal Reserve’s Board of Governors. He is known for supporting Trump’s economic agenda, including tariffs, and could influence the Fed toward more rate cuts.
Q2: Why is Trump’s next Fed chair appointment so important?
The Fed chair has significant control over U.S. monetary policy, including setting interest rates and guiding economic stability. Trump’s choice could reshape the central bank’s approach for years, potentially shifting toward faster rate cuts and looser policy.
Q3: Who are the leading candidates to replace Jerome Powell?
As of now, the shortlist reportedly includes Christopher Waller, Kevin Warsh, Kevin Hassett, James Bullard, and potentially Stephen Miran himself if confirmed to the Board.
Q4: When does Jerome Powell’s term end?
Powell’s term as Fed chair expires in May 2026, giving Trump time to finalize his choice and set a new policy direction.
Q5: Could Stephen Miran become the next Fed chair?
Yes, if Miran is confirmed to the Fed Board and impresses the president, he could be elevated to chair. Trump has a track record of rewarding loyal advisers with higher roles.
Q6: How might a new Fed chair impact the U.S. economy?
A chair aligned with Trump’s agenda may favor rate cuts to stimulate growth, potentially boosting markets in the short term but raising concerns about inflation and the Fed’s independence.
Q7: What does this mean for investors right now?
Investors should watch Miran’s confirmation process, shifts in the Fed’s voting dynamics, and any public comments from leading candidates for chair. These signals could influence bond yields, equity markets, and the U.S. dollar.
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