Record fastest! Milan confirmed as Federal Reserve governor, will make it in time for Tuesday’s rate decision
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Trump’s economic adviser Stephen Miran has officially joined the Federal Reserve as a governor.
On Monday evening local time, Miran, Trump’s nominee for the Federal Reserve Board, was confirmed by the Senate in a final vote to serve as governor. This means he will be able to catch the Federal Open Market Committee (FOMC) meeting starting Tuesday, with voting rights.
The market widely expects the Federal Reserve to cut rates by 25 basis points at this meeting. However, Miran’s addition could change the voting dynamic; he and some officials such as Federal Reserve governor Christopher Waller are believed likely to support a 50 basis point or even larger rate cut, which aligns with the White House's demands.
This appointment comes as the Trump administration continues to put pressure on the Fed, demanding significant easing of monetary policy. At the same time, the White House is also taking legal steps to try to block another governor, Lisa Cook, from participating in this week’s meeting.
Miran will fill the vacancy left by Adriana Kugler after her departure in August, with a term ending in January 2026.
Voting the day after confirmation? Fastest in history
The timing of this confirmation vote is unusually tight, making it possible for Miran to participate in the FOMC meeting, while also posing procedural challenges.
Typically, the entire process from Senate approval to the formal swearing-in and sitting at the FOMC table takes several days. If Miran completes all procedures before the Tuesday meeting starts, he will set a historical record.
According to Barron’s analysis, since the Banking Act was implemented in 1935, there has never been a Federal Reserve governor who attended a policy meeting the day after confirmation. The previous record was set by H. Robert Heller in 1986, who was confirmed on a Saturday and attended the meeting starting the following Tuesday.
It is not yet clear whether Miran can make it in time to submit his economic outlook summary for inclusion in the post-meeting materials.
Rising concerns over Fed independence
Miran’s entry comes as President Trump is publicly pressuring the Federal Reserve.
Early Monday, Trump posted on Truth Social, using his nickname for Fed Chair Jerome Powell, saying, “‘Too Late’ must cut rates immediately, and more forcefully than he thinks.”
Trump has repeatedly called for cutting rates to as low as 1%, a level typically seen only during economic crises, aiming to spur growth and lower government borrowing costs.
In terms of policy inclination, Miran is seen as a potential “hawk-turned-dove” pushing for more aggressive rate cuts. The market consensus is for a 25 basis point cut, but if Miran and Waller vote for 50 basis points, it could stir more intense debate within the FOMC and bring uncertainty to the final policy decision.
As a Trump ally, Miran’s nomination has sparked concerns over whether he can maintain the Fed’s independence. Senate Minority Leader Chuck Schumer made his opposition clear on Monday, stating:
“Mr. Miran’s nomination is bad news for every American suffering under Trump’s disastrous economic agenda. He will be nothing more than Trump’s mouthpiece at the Fed.”
Previously, at his confirmation hearing, Miran said he planned to take unpaid leave from his position as White House Council of Economic Advisers chairman while serving at the Fed, but would retain the post. This arrangement contradicts a research report he co-authored for the Manhattan Institute, which called for measures to prevent the “revolving door” between the White House and the central bank.
Board seat battles ongoing in parallel
As Miran officially enters the Fed, a legal battle between the White House and another current governor, Lisa Cook, is also intensifying.
Last month, Trump dismissed Cook citing alleged mortgage fraud, but she has denied the allegations. Last week, a federal judge temporarily halted Trump’s dismissal order, paving the way for Cook to attend this week’s FOMC meeting.
In response, Department of Justice lawyers have filed an emergency motion with the appeals court, seeking to suspend the lower court’s ruling before Monday to bar Cook from the meeting.
The multi-front board seat struggle makes this week’s FOMC meeting not only an economic decision on interest rates, but also a political focal point concerning the Fed’s independence and future personnel structure.
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