Trump Fed Choosing Stephen Mirana confirmed the Senate before meeting fomc

Senate on Monday confirmed the president Donald Trump choose to join Federal Reserve. Stephen MiranJust the day before the Central Bank will meet to consider whether interest rates should be reduced.

The rapid confirmation of the world as a result of the 48-47 voting at the end of Monday means that it will take part in the long-awaited open market meeting in the Council in Washington, which starts on Tuesday.

Voting largely fell along the party lines, with the exception of Republican Senator Lisa Murkovsky from Alaska, who joined the Democrats in the confirmation of Miran.

Miran said that after it is confirmed, he plans to take Unpaid leave of absence From his work chairman of the Council of Economic Advisers of the White House.

But he still stopped without agreeing to give up political purpose.

This perspective further intimidated the concern among the Democrats and some economists that the Fed’s independence is at risk when the White House, which works at the president at the same time, serves as a “independent” Governor of the Central Bank.

Markets are waiting The Central Bank, which announced the reduction of the rate for the first time since December 2024. But the questions remain over how deeply any incision can be.

Fed the chair Jerom Powell So far, the presidential pressure campaign to reduce borrowing costs. But he signaling last month What economic conditions – including uncertainty caused by Trump tariffs, can reduce the rate at the September meeting.

This week, Miran is likely to be a decisive vote. In it Last meeting At the end of July, FOMC members voted for 9-2 to keep the rates.

But it can also be dissenters if the committee is expected to approve only a quarter of a percentage point, arguing instead of a higher reduction.

Trump has also pushed to a greater reduction – most recently in the truth in social mail on Monday, writing that Powell “should reduce interest rates and more than he meant. Housing would take off !!!”

Critics also warn that the simple presence of Miran on the Council – as well as serves as the main assistant of the White House – undermines the independence of the Central Bank from the Trump administration.

“Once the president’s chief economist and the alleged independent governor in the Fed will be too much,” Senate Bank Committee A member who ranks Elizabeth Warren, Mass, said Miran had gone through his party vote last week.

These new problems fall under the great fears caused by the Naked Trump company to force the Central Bank to reduce borrowing costs in any way.

Trump chose Miran to fill the place released by the former governor Adriano Kugarirwhich sharply announced it Resignation in August.

Miran will serve until January 31, 2026, when the term of the Crochle has expired.

“The term I was nominated is four and a half months. If I were nominated and confirmed for a longer term than a few months, I would have resigned absolutely,” Miran said at the confirmation.

Miran’s confirmation comes when Trump also tries to dismiss Fed Governor Lisa Cook from the Central Bank, citing allegations of a mortgage framed by the administration.

Cook, the first black woman who acted as a Fed Governor, haS denied the charges And he sued to block her removal.

Federal The Court of Appeal ruled on Monday – Since the Senate was busy with a voting for a worldwide confirmation – that Trump could not remove Cook before FOMC meeting, clearing the way to attend the meeting.