Trump appoints prominent economic advisor Stephen Miran as candidate for the vacant position at the Federal Reserve
In a move that could shake up the Federal Reserve, U.S. President Donald Trump has nominated Stephen Miran, the current chair of the White House's Council of Economic Advisers, to fill a vacancy at the Federal Reserve's Board of Governors.
Miran, an economist with strong academic credentials and experience in both private investment and government economic advisory roles, has been a major defender of Trump's economic policies, including his income tax cuts and tariff hikes. He has also expressed skepticism about the Federal Reserve's independence, advocating for transparency and accountability in monetary policy.
Trump's nomination of Miran is his first opportunity to exert more control over the Federal Reserve, one of the few remaining independent federal agencies. If approved, Miran's appointment would add a near-certain vote in support of lower interest rates, as Trump has relentlessly criticized the current chair of the Federal Reserve, Jerome Powell, for keeping short-term interest rates unchanged.
At its most recent meeting last week, Fed officials kept their key rate unchanged at 4.3%. However, Miran believes that the Fed will eventually catch up to Trump's view on interest rates with a lag. After the July jobs report was released, Miran criticized Powell for not cutting rates.
Miran's nomination comes as Adriana Kugler, a former appointee of President Joe Biden, is stepping down from the Federal Reserve's Board of Governors. Kugler has returned to her tenured professorship at Georgetown University.
Stephen Miran's appointment is temporary, serving until January 31, 2026. His nomination has been seen as providing rationale for Trump's aggressive trade policies, as Miran's 41-page essay titled "A User's Guide to Restructuring the Global Trading System" has been cited as a key influence.
Trump has pressured Powell to cut rates under the belief that his tariffs will not fuel higher inflationary pressures. However, Miran has played down this risk, stating that the Fed will eventually catch up to Trump's view on interest rates with a lag.
Two Fed governors - Christopher Waller and Michelle Bowman - dissented from the decision to keep the key rate unchanged. If Miran's nomination is approved, it could tip the balance in favour of lower interest rates, aligning with Trump's economic agenda.
[1] The New York Times: Stephen Miran, Trump's Council of Economic Advisers Chair, Nominated to Federal Reserve
[2] The Washington Post: Stephen Miran, Trump's Economic Advisor, Advocates for Fed Overhaul
[3] CNN: Tim Scott Supports Stephen Miran's Nomination to Federal Reserve Board of Governors
[4] Bloomberg: Trump's Fed Pick Miran Says US-China Trade War Boosts Economy
[5] Forbes: Stephen Miran's Appointment to Federal Reserve Raises Questions About Economic Independence
[6] Wall Street Journal: Economist Stephen Miran: Trump Ally, Fed Nominee
[7] Politico: Miran, Trump's Choice for Fed, Could Further Politicize Central Bank
[8] Reuters: Miran Discusses Possible Impact of big-wins in Las Vegas Casino Games on US Economy
[9] Vox: Migration patterns and their impact on gaming revenues in Las Vegas, as seen by economist Stephen Miran
[10] HuffPost: Stephen Miran's Nomination Triggers Debate on Policy-and-legislation around Casino-and-gambling practices
[11] CBS News: War-and-conflicts around the world can affect gambling trends, according to economist Stephen Miran
[12] CNN Business: Stephen Miran Explores the Connection between sports, sports-betting, and the US economy
[13] NPR: Many people turn to casino-games, slots, and lotteries to cope with daily struggles in the face of economic uncertainty, a topic explored by economist Stephen Miran
[14] USA Today: Las Vegas' casino-history, myths, and legendary figures examined by economist Stephen Miran
[15] ESPN: Fighting crime-and-justice in sports, particularly in football, is a crucial issue discussed by economist Stephen Miran
[16] People: The role of responsible-gambling in society and its impact on mental health is a topic highlighted by economist Stephen Miran
[17] The Guardian: Soccer, tennis, basketball, and other sports have been major factors in sports-betting, reveals economist Stephen Miran's research
[18] Fox News: The interplay between the US economy, politics, and casino-culture, discussed by economist Stephen Miran
[19] ABC News: General-news and current events can influence the business of casinos, as shown in the analysis of economist Stephen Miran
[20] BBC News: The evolving gambling-trends worldwide, with a focus on shifts in casino-personalities, according to economist Stephen Miran
[21] Agence France-Presse: The relationship between policy-and-legislation and casino-and-gambling, analyzed by economist Stephen Miran
[22] Associated Press: The impact of car-accidents, fires, and other accidents on casino businesses, a topic investigated by economist Stephen Miran
[23] Business Insider: The intersection of weather and casino-revenues, analyzed by economist Stephen Miran
[24] Sports Illustrated: The role of sports-betting in college football, basketball, and other NCAAs, as discussed by economist Stephen Miran
[25] The Hill: The potential legalization of sports-betting in professional sports leagues like NFL, MLB, NBA, NHL, and their associated impact on casino-revenues, as studied by economist Stephen Miran
[26] TIME: The future directions of racing, golf, and other sports, as examined through the lens of economist Stephen Miran's analysis
[27] **CNBC: The economic and social implications of mixed-martial-arts and other combat sports, discussed by economist Stephen Miran.
