Trump Fed pick Miran pledges Fed independence, takes leave
Stephen Miran, President Trump’s nominee for the Federal Reserve Board, told senators he will take unpaid leave from his role as chair of the White House Council of Economic Advisors if confirmed. He declined to resign fully unless re-nominated for a term beyond January 2026. At his confirmation hearing before the Senate Banking Committee, Miran denied any White House pressure on interest rates or monetary policy. He stressed his commitment to Fed independence and said no one formally asked him to vote a certain way. Miran added that he would resign entirely if nominated for a longer term, removing potential conflicts. Lawmakers challenged his dual role and questioned bond market reactions to political interference. Miran’s first vote may come at the Fed meeting on September 16–17. Fed independence is a crucial factor for investor confidence and market stability.
Neutral
This nomination is centered on institutional governance rather than immediate policy shifts. Miran’s pledge of Fed independence and planned leave addresses concerns about political influence. Traders tend to react more to concrete rate decisions than nominations, so the short-term impact is limited. Historically, Fed nominees who commit to central bank neutrality—such as Jerome Powell in 2017—have had minimal direct market effects until voting outcomes emerge. In the long term, maintaining Fed independence supports stable policy expectations, which neutralizes volatility. Crypto markets, sensitive to interest-rate cues, will likely remain watchful but unmoved by this procedural development until clear rate signals appear at upcoming Fed meetings.