President Donald Trump has selected Stephen Miran, chairman of the White House Council of Economic Advisers, to fill a vacant seat on the Federal Reserve Board, nominating a longtime ally and critic of recent central bank policy to serve out the remainder of an expiring term.
Miran would replace Fed Governor Adriana Kugler, whose term runs through January 31, 2026. Trump said Miran’s appointment is temporary, pending a search for a permanent nominee.
“It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026,” Trump wrote Thursday on Truth Social. “Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job,” Trump wrote on his Truth Social account.
The nomination, which requires Senate confirmation, comes at a time of growing tension between the White House and the Fed over the direction of interest rates. Trump and his advisers have criticized the central bank for maintaining high real interest rates despite signs of slowing inflation and weakening labor market conditions.
Miran, a former Treasury official and market economist, has publicly emphasized that tariffs imposed by the Trump administration are unlikely to lead to sustained inflation. He has argued that any price increases would likely be one-time adjustments to the price level, rather than persistent inflationary pressures.
That view aligns with Fed Governor Christopher Waller, who dissented at the July FOMC meeting in favor of a rate cut and has also characterized tariff-related inflation as transitory. In a Bloomberg interview Thursday, Miran praised Waller’s stance.
“He’s done himself a big credit recently as well not succumbing to the tariff derangement syndrome that many others throughout the country, but particularly at the Fed, seem to have succumbed to,” Miran said. “He’s done a really good job having an independent voice.”
Fed Chair Jerome Powell has repeatedly warned of the risks of inflationary effects of tariffs and has said explicitly said the Fed would be cutting rates if not for the fear of tariff-led inflation.
Miran brings to the Fed a new perspective, having experience in currency and rates trading. The current make up of the Fed board lacks anyone with signficiant financial markets experience.
“There’s no stronger America First candidate for the job than Miran,” said one person familiar with conversations inside the White House. “He brings the qualifications, credibility, and insight the Fed needs at this transitional time.”
The Senate is currently in its August recess and is not scheduled to return until early September. Miran was confirmed to his current CEA post in March on a 53–46 party-line vote. His confirmation to the Fed could face similar opposition.
Although Miran’s appointment is intended to be temporary, Fed governors may continue serving after their terms expire until a successor is confirmed. Trump could ultimately nominate a long-term successor and may also use the opening to preview his plans for the Fed chairmanship, with Powell’s term set to end in May.
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