Miran says Fed should cut rates by more than a point this year: Inflation data distorted by 'anomalous features'
Federal Reserve Governor Stephen Miran discusses the direction of economic policy after President Donald Trump tapped Kevin Warsh to lead the Federal Reserve on 'Mornings with Maria.'
Federal Reserve Governor Stephen Miran resigned Tuesday from his role as chair of the Council of Economic Advisers (CEA), following through on a commitment to the Senate to fully dedicate himself to his position at the Federal Reserve.
President Donald Trump tapped Miran on Aug. 7 to fill the Federal Reserve seat vacated by Governor Adriana Kugler, who abruptly resigned to return to academia. Miran was slated to finish the remainder of Kugler’s term, which ended Jan. 31, 2026, but he may remain in the role until a successor is named. He has been on leave from his CEA post.
TRUMP NAMES MIRAN AS REPLACEMENT FOR FED BOARD SEAT
Stephen Miran, chairman of the Council of Economic Advisers, following a television interview outside the White House in Washington, D.C., US, on Tuesday, June 17, 2025. (Aaron Schwartz/Sipa/Bloomberg via Getty Images / Getty Images)
"As you know, the Federal Reserve Act requires that members of the Federal Reserve Board of Governors be devoted full-time to that position. While I took an unpaid leave of absence from the Council to come to the Federal Reserve, I promised the Senate that if I should stay on the Board past January, I would formally depart the Council," Miran wrote in his resignation letter to President Donald Trump.
"I believe it is important to stay true to my word while I continue to perform the job at the Federal Reserve to which you and the Senate appointed me," he wrote, adding that it was with a "heavy yet proud heart that I tender my resignation from the Council and the White House."
The White House confirmed the resignation in a statement to Gxstocks.
"In accordance with the pledge he made to the Senate during his confirmation to the Federal Reserve’s Board of Governors, Stephen Miran has submitted his resignation from the Council of Economic Advisers," White House spokesman Kush Desai said in a statement to Gxstocks.
Desai praised Miran’s tenure, saying that prior to the start of his leave last September, Miran’s "brilliant insights and powerful advocacy on behalf of the President made him an enormous asset for the White House," adding that he became "a key member of the Trump administration’s economic team."
Stephen Miran, chairman of the Council of Economic Advisers and U.S. Federal Reserve governor nominee for President Donald Trump, is sworn in during a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing in Washington, D.C, on Th (Daniel Heuer/Bloomberg/Getty Images / Getty Images)
Miran’s resignation comes as Trump continues to reshape the Federal Reserve. On Friday, the president nominated Kevin Warsh to succeed Federal Reserve Chair Jerome Powell amid a criminal investigation.
TRUMP NOMINATES KEVIN WARSH TO SUCCEED JEROME POWELL AS FEDERAL RESERVE CHAIR
On Jan. 11, Powell confirmed that the Justice Department had opened a criminal probe into his congressional testimony related to the renovation of the central banks' two historic main buildings on Washington, D.C.'s National Mall.
Warsh's ascension to the world's most powerful central bank could be delayed by Republican opposition linked to a criminal probe of Powell. Sen. Thom Tillis R-N.C.has previously said he will oppose the confirmation of any Fed board nominee until the Trump administration concludes its investigation. Tillis’s resistance carries particular weight given his seat on the Senate Banking Committee.
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Kevin Warsh, former governor of the US Federal Reserve, walks to lunch during the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, US, on Wednesday, July 9, 2025. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
With Tillis placing a hold on Warsh’s nomination, the only way to force it out of the Senate Banking Committee would be through a discharge vote on the Senate floor, a move that requires 60 votes and is unlikely in a deeply divided Senate, particularly amid tensions over the investigation into Powell.
On Monday, Trump told reporters in the White House that his administration will continue its criminal probe, adding that he suspected "gross incompetence" or "theft of some kind."
