Trump’s first stamp on the Fed 2.0: Senate squeaks through Miran, 48–47

The Senate on Monday confirmed White House chief economist Stephen Miran to the Federal Reserve Board in a nail-biter, 48–47, clearing him to sit in on the two-day policy meeting that kicks off Tuesday.

It’s President Donald Trump’s first concrete imprint on the central bank in his second term — and an unusually direct line from the West Wing into a supposedly arm’s-length institution. Miran is taking an unpaid leave (not resigning) from his job chairing the Council of Economic Advisers, a move Democrats blasted as a conflict of interest. Sen. Lisa Murkowski (R-Alaska) joined Democrats in voting no.

Miran fills the seat opened by Adriana Kugler’s August resignation. His term technically runs only through Jan. 31, but he could linger if a successor isn’t confirmed. That timing matters: Trump is campaigning to fire Governor Lisa Cook (now tied up in court) and will get to pick a new Fed chair when Jerome Powell’s term ends in May.

Policy-wise, Miran has echoed Trump’s view that rates should be lower and that tariffs aren’t stoking the kind of inflation that demands Fed pushback. He’s also floated reforms to give presidents more leverage over the central bank — shorter board terms, easier firings — ideas critics say threaten the Fed’s independence.

Don’t expect fireworks right away. Powell has already signaled a cut this week on signs of a cooling job market, and markets are fully priced for a quarter-point move. Still, odds are Miran pushes for more and could even dissent for a bigger cut. If Bowman and Waller (both Trump appointees) join him, it would be the most open revolt by governors since the late 1980s.

Miran’s confirmation is a narrow win with big symbolism — the Trump team now has a voice (and a vote) at the table just as the Fed starts easing. Whether that voice stays within the guardrails of independence is the fight to watch next.

Reuters, the New York Times, Politico, and Axios contributed to this report.