On August 7, US President Donald Trump officially nominated economist Stephen Miran, Chairman of the White House Council of Economic Advisers, to serve on the Board of Governors of the Federal Reserve, replacing Adriana Kugler.
Kugler will depart the Fed on August 8, months ahead of her scheduled term ending in January next year. In a post on Truth Social, President Trump announced that Miran will hold the position until the end of January 2025, while the administration continues its search for a long-term appointee.
In his new role, Miran will have voting power on the Federal Open Market Committee (FOMC) — the powerful body responsible for setting US interest rate policy. Analysts suggest he is likely to support Trump’s calls for aggressive rate cuts to boost economic growth.
This move comes as Trump is expected to prepare significant personnel changes at the Fed. It is anticipated that he will use this opportunity to pave the way for a successor to Fed Chair Jerome Powell when Powell’s term ends in May 2026. However, under current rules, Powell could remain as a board member until January 2028.
Miran’s appointment is viewed as a strategic step that could set the stage for a shift in US monetary policy in the coming years, particularly regarding interest rates — a factor with direct influence on global financial markets.
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