Trump Nominates Stephen Miran To U.S. Federal Reserve Board

U.S. President Donald Trump plans to nominate Stephen Miran, chair of the White House Council of Economic Advisers, to the Federal Reserve Board of Governors. Miran will fill a seat vacated by Adriana Kugler, who resigned months before her term was to expire in January 2026. The appointment gives President Trump his first opportunity to reshape the central bank’s executive leadership team. Miran is a Harvard-trained economist and a trusted Trump adviser on economic policy. He is the author of an influential paper that advocated the U.S. lower the long-term value of the dollar. Miran has also publicly supported President Trump’s efforts to get the U.S. central bank to lower interest rates. Miran’s nomination comes as the White House has questioned the importance of central bank independence. The appointment of Miran is expected to be temporary as President Trump said he plans to nominate a second candidate for a full 14-year term beginning in January 2026. Trump has publicly criticized Fed Chair Jerome Powell for not lowering interest rates and threatened to fire him before his term ends in May 2026. Markets are currently pricing in a greater than 80% chance that the Fed starts cutting interest rates in September of this year amid growing fears of an economic slowdown in the U.S.