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Fed & yields

Trump Names Tariff Architect Stephen Miran as Temporary Fed Governor

Fed Takes Conservative Stance on 2025 Rate Cuts
Fed Takes Conservative Stance on 2025 Rate Cuts

President Trump announced Thursday that he will nominate Stephen Miran, his Council of Economic Advisers Chairman, to temporarily fill a Federal Reserve Board vacancy through January 31, 2026.

Miran would replace Biden appointee Adriana Kugler, who is stepping down six months early to return to Georgetown University.

This marks Trump’s first opportunity to shape the Fed since returning to office, as he continues to pressure the central bank for lower interest rates.

The appointment requires Senate confirmation, which may not occur before the Fed’s September meeting, and Trump indicated he will continue searching for a permanent replacement.

Eight more from the desk

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