What happened
President Donald Trump said Thursday he will nominate Stephen Miran, the chair of his Council of Economic Advisers, to fill the seat on the Federal Reserve Board of Governors left vacant by last week's unexpected resignation of board member Adriana Kugler.
Who said what
If confirmed, Miran would "add a near-certain vote in support of lower interest rates," joining Trump's first-term Fed picks Christopher Waller and Michelle Bowman, The Associated Press said. But "even with Miran on the board," many of the other 12 Fed officials who vote on rate policy "remain concerned that Trump's sweeping tariffs could push inflation higher in the coming months."
Miran last year argued against the Fed's rate cuts, saying the board was not worried enough about inflation. But since joining Trump's White House, he has argued that "inflation isn't likely to be a problem" under Trump's policies, The Wall Street Journal said. In a paper he co-wrote last year, Miran also advised "shortening board member terms and clarifying that members serve at the will of the U.S. president, as well as imposing bans on the revolving door between the executive branch and the Fed."
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
What next?
Kugler's resignation took effect today, but it "isn't clear how soon Miran could go through the Senate confirmation process," the Journal said. Congress is "on recess until September," and the next Fed policy meeting is Sept. 16-17.
-
Will Japan’s first female prime minister defy sumo’s ban on women?Under the Radar Sanae Takaichi must decide whether to break with centuries of tradition and step into the ring to present the trophy
-
Political cartoons for November 16Cartoons Sunday's political cartoons include presidential pardons, the Lincoln penny, and more
-
The vast horizons of the Puna de AtacamaThe Week Recommends The ‘dramatic and surreal’ landscape features volcanoes, fumaroles and salt flats
-
‘Officials say exporters pay the tariffs, but consumers see the opposite’Instant Opinion Opinion, comment and editorials of the day
-
Trump DOJ sues to block California redistrictingSpeed Read California’s new congressional map was drawn by Democrats to flip Republican-held House seats
-
GOP retreats from shutdown deal payout provisionSpeed Read Senators are distancing themselves from a controversial provision in the new government funding package
-
Catholic bishops rebuke Trump on immigrationSpeed Read ‘We feel compelled’ to ‘raise our voices in defense of God-given human dignity,’ the bishops said
-
House releases Epstein emails referencing TrumpSpeed Read The emails suggest Trump knew more about Epstein’s sex trafficking of underage women than he has claimed
-
Newsom slams Trump’s climate denial at COP30speed read Trump, who has called climate change a ‘hoax,’ declined to send any officials to this week’s summit
-
UK, Colombia halt intel to US over boat attacksSpeed Read Both countries have suspended intelligence sharing with the US over the bombing of civilian boats suspected of drug smuggling
-
Trump pardons 2020 fake electors, other GOP alliesSpeed Read The president pardoned Rudy Giuliani and more who tried to overturn his 2020 election loss
