Trump names Stephen Miran to Fed as White House fights for lower rates

• But as opposed to early speculation that whoever took the seat might be the next Fed chair, Miran will only be a fill-in until January.

Catch up quick: Adriana Kugler announced her intention to step down as a Fed governor last week, five months before her term expired, giving Trump a chance to nominate a replacement.

What they're saying: Trump, in a Truth Social post, said Miran would serve the remainder of Kugler's term, through Jan. 31, and that "we will continue to search for a permanent replacement."

Context: Miran was confirmed by the Senate in March to be CEA chair.

• A Harvard Ph.D., in Trump's first term he was a senior adviser at the Treasury Department.

The intrigue: In March 2024, Miran co-authored a Manhattan Institute report that called for significant reforms to the way the Fed was managed, including shortening the terms of board members and ending a "revolving door" between the executive branch and the Fed.

• "This report argues that important benefits flow from a central bank that can conduct monetary policy free from short-term political pressures—and that to enable the Fed to do so, its governance should be overhauled," Miran and co-author Dan Katz wrote.

What to watch: How soon Miran might be able to actually join the Board of Governors.

• The next meeting is in mid-September. Markets widely expect a rate cut at that time.

Editor's note: This story has been updated with past comments by Miran.