Federal Reserve Board nominee Miran: No one has asked me to commit to supporting interest rate cuts, and Trump has the right to express his views on interest rates.

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Stephen Miran, who was nominated by U.S. President Trump as a Federal Reserve Board member, emphasized to members of Congress that the Fed's independence is crucial, and denied that his nomination came with any attached condition to support interest rate cuts.

On Thursday, September 4th Eastern Time, at a Senate Banking Committee hearing regarding the confirmation of his nomination, Miran stated that no one had asked him to commit to voting in support of interest rate cuts.

In his prepared remarks for the hearing, Miran sought to ease concerns that he might undermine the Federal Reserve’s longstanding independence from White House influence in its decision-making. The speech stated:

“In my view, the Fed’s most important responsibility is to prevent economic depressions and hyperinflation. The independence of monetary policy is a key factor in its success.”

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