Quick Hit:

President Trump on Thursday tapped Dr. Stephen Miran, his Council of Economic Advisors chairman, to temporarily fill a seat on the Federal Reserve Board. The move comes as Trump continues his pressure campaign against Fed Chair Jerome Powell to lower interest rates.

Key Details:

• Trump announced the appointment Thursday, naming Miran to serve on the Fed Board through January 31, 2026. “In the meantime, we will continue to search for a permanent replacement,” he said.
• Miran replaces Adriana Kugler, a Biden-era appointee, on the seven-member board. He holds a Ph.D. from Harvard and previously served in Trump’s first administration.
• Trump has repeatedly criticized Powell, whose term ends in May, for keeping rates high.

Diving Deeper:

President Donald Trump announced Thursday that he has selected Dr. Stephen Miran to serve on the Federal Reserve Board of Governors, filling the vacancy left by the departure of Biden-appointed economist Adriana Kugler. The announcement comes as speculation mounts over whether Trump will seek to replace Federal Reserve Chairman Jerome Powell, whose term expires next spring.

“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 in a statement posted to Truth Social. “In the meantime, we will continue to search for a permanent replacement.”

Miran, a Harvard-educated economist who also served in Trump’s first administration, has been a key player in shaping economic policy since Trump returned to the White House. “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. Congratulations Stephen!” Trump added.

The move places another Trump loyalist inside the nation’s central banking system as the president ramps up public and private pressure on Fed Chairman Jerome Powell. Trump, 79, has been vocal in demanding that the Federal Reserve cut interest rates, arguing that the current rate environment is holding back the economy despite inflation trending below 3% — within striking distance of the Fed’s 2% target.

Powell has thus far resisted the calls. While Trump cannot unilaterally remove Powell without cause, the president’s allies have floated the idea of stacking the board with like-minded members to effectively override Powell’s stance.

With Miran’s appointment, Trump inches closer to that goal. The Federal Reserve Board of Governors includes seven members, and each holds significant influence over monetary policy decisions, including the federal funds rate. Although Miran’s appointment is temporary, it signals Trump’s determination to reshape the institution’s direction.

Whether Trump formally nominates a permanent replacement or attempts to oust Powell before his term expires remains to be seen. But Thursday’s appointment makes clear that the administration is laying the groundwork for a more aggressive challenge to Powell’s leadership in the months ahead.