President Donald Trump has appointed Dr. Stephen Miran, his current Chairman of the Council of Economic Advisors, to the Federal Reserve Board of Governors, filling a seat vacated by Biden appointee Adriana Kugler.
“Stephen 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 said Thursday.
Miran, who holds a Ph.D. in Economics from Harvard, served in Trump’s first term and will remain on the board until January 31, 2026 while the administration searches for a permanent replacement.
Trump vs. Powell
The appointment comes after months of tension between Trump and Fed Chairman Jerome Powell, whose term ends in May. Trump has demanded lower interest rates, calling Powell:
“Jerome ‘Too Late’ Powell, a stubborn MORON.”
Despite inflation now under 3%, Powell has refused to cut rates, citing Trump’s tariff policies as a reason for caution. Trump has accused Powell of mismanaging resources, pointing to a $2.5 billion headquarters renovation, but stopped short of firing him for cause.
Interest Rates & Economic Impact
Rates remain well above Trump’s first-term levels, a legacy of the 2022 Biden-era inflation spike. Higher borrowing costs have slowed the housing market and made it more expensive for businesses and consumers to borrow or maintain credit balances.
With Miran’s arrival, the Fed board now includes three Republicans and three Democrats under Powell’s leadership. Trump has openly urged the board to take control and slash rates if Powell won’t act.
