President Donald Trump, never one to shy away from a bold move, has tapped Stephen Miran, the current chair of the Council of Economic Advisors, to fill a vacant seat on the Federal Reserve Board of Governors.
Miran is set to replace Adriana Kugler, who waved goodbye to her post on Friday. This appointment, announced with Trump’s characteristic flair on Truth Social, is a temporary gig, lasting only until January 31, 2026.
Miran’s new role is less about settling in for the long haul and more about keeping the Fed’s chair warm. Trump hinted on Truth Social that a permanent replacement might be in the works, leaving everyone guessing who’ll snag the full 14-year term.
“Congratulations Stephen!” Trump posted, praising Miran’s economic know-how as unmatched, which is high praise from a man who loves superlatives.
The timing of this move is juicier than a reality TV plot twist. With Fed Chair Jerome Powell’s term winding down in May, the rumor mill is churning about who might take the helm.
Names like Governor Christopher Waller, former Governor Kevin Warsh, and National Economic Council Director Kevin Hassett are floating around, but Trump’s keeping his cards close to his chest.
Miran’s appointment has raised eyebrows, especially since he’s been a vocal critic of the Fed’s past antics, particularly its stimulus spree during the Covid chaos. He’s also the brain behind the “Mar-A-Lago Accord,” a plan to devalue the dollar to tackle the U.S. trade deficit.
This idea, bold and controversial, has sparked chatter about whether Miran’s here to shake up the Fed’s playbook.
Speculation is rife that Trump’s picking Miran to play the role of a “shadow chair,” a sort of economic gadfly to buzz around Powell’s head. Trump’s no fan of Powell, having lobbed insults and even floated the idea of giving him the boot, though that’s legally trickier than a reality show elimination.
Miran, with his history of challenging the Fed’s moves, might just be the perfect pick to stir the pot.
The Senate, which gets to yay or nay Miran’s nomination, won’t reconvene until September, so he’s got some time before facing the confirmation gauntlet. If approved, he’ll join the Federal Open Market Committee’s next meeting on September 16-17, where markets are betting on a rate cut—the first since December 2024.
Senate Banking Committee Chairman Tim Scott gave Miran a thumbs-up, calling him an “accomplished economist” who’s been pushing a pro-growth agenda.
Miran’s resume is nothing to sneeze at. Before advising Trump’s second term, he served as a senior advisor under Treasury Secretary Steven Mnuchin, helping roll out the Paycheck Protection Program during the 2020 economic shutdown.
He’s also dabbled in high finance at Hudson Bay Capital Management and flexed his intellectual muscles at the Manhattan Institute.
But let’s talk about the elephant in the room: Miran’s not just here to vote on interest rates. He’ll also have a say in financial regulation, which could get spicy given his pro-crypto stance and support for Trump’s tariff-heavy trade policies. The man’s got a knack for picking fights with conventional wisdom, and that’s bound to make board meetings livelier than a late-night talk show.
Some analysts are chuckling at the strategic genius of this move. Marco Casiraghi from Evercore ISI noted that by picking Miran, Trump’s keeping his options open for the big Fed chair decision in January. It’s a classic Trump tactic—make a splash, keep everyone guessing, and never commit until the last minute.
Miran’s not without his critics, though. Posts found on X suggest some bond investors found his recent meetings with them a bit, well, incoherent, with one calling him “out of his depth.”
But in Trump’s world, a little controversy is just another Tuesday, and Miran’s bold ideas might just be the shake-up the Fed needs—or a recipe for chaos, depending on who you ask.
The Fed’s been under fire lately, with two Trump-appointed governors, Waller and Michelle Bowman, breaking ranks at the last meeting to vote against holding rates steady. It was a rare double dissent, the first in over 30 years, signaling that the boardroom’s getting feistier. Miran’s arrival could turn up the heat even more.
Current Treasury Secretary Scott Bessent has been pushing for a shadow chair to counter Powell’s influence, and Miran fits the bill perfectly.
He’s got the credentials, the attitude, and the Trump seal of approval. Whether he’ll be a temporary troublemaker or a long-term game-changer remains to be seen.
As the Senate gears up to grill Miran, the markets are watching closely. Will he push for the lower rates Trump’s been clamoring for? Or will he surprise everyone with a curveball? One thing’s for sure: with Miran on board, the Fed’s in for a wild ride, and we’re all just along for the popcorn-worthy show.
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