When the Fed voted on September 17 to cut short-term interest rates by a quarter point, there was a lone dissenter. It was Trump appointee Stephen Miran, who was sworn in as Fed Governor just one day earlier.
Miran wanted a steeper cut and argued for a half point. The other 11 voting members of the Federal Open Market Committee (FOMC)—which consists of seven Fed Governors and five Federal Reserve Bank Presidents—all went for the more gradual approach.
Miran remains an outlier at this point—but Trump will soon name a replacement for Jerome Powell, whose chairmanship ends in May 2026.
It is reasonable to think the new Fed Chair will be philosophically aligned with Miran. It could even be Miran himself.
Yesterday, Treasury Secretary Scott Bessent, who is coordinating the search for the next Fed Chair, reinforced Miran’s message. He slammed the Fed for its slow approach.
