Stephen Miran, chairman of the Council of Economic Advisers and US Federal Reserve governor nominee for US President Donald Trump, arrives for a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing in Washington, DC, US, on Thursday, Sept. 4, 2025. The Senate Banking Committee’s examination of Stephen Miran’s appointment will provide the first extended look at how prominent Republican senators balance their long-standing support of an independent central bank against loyalty to their party leader. Photographer: Daniel Heuer/Bloomberg via Getty Images
Daniel Heuer | Bloomberg | Getty Images
Newly-confirmed Federal Reserve Governor Stephen Miran dissented from the central bank’s decision to lower the federal funds rate by a quarter percentage point on Wednesday, choosing instead to call for a half-point cut.
Miran, who was confirmed by the Senate to the Fed Board of Governors on Monday, was the sole dissenter in the Federal Open Market Committee’s statement.
Governors Michelle Bowman and Christopher Waller, who had dissented at the Fed’s prior meeting in favor of a quarter-point move, were aligned with Fed Chair Jerome Powell and the others besides Miran this time.
Miran was selected by Trump back in August to fill the seat that was vacated by former Governor Adriana Kugler after she suddenly announced her resignation without stating a reason for doing so. He has said that he will take an unpaid leave of absence as chair of the White House’s Council of Economic Advisors rather than fully resign from the position.
Miran’s place on the board, which will last until Jan. 31, 2026 when Kugler’s term was due to end, has been viewed by critics as a threat from Trump to the Fed’s independence, as the president has nominated three of the seven members.
Trump also said in August that he had fired Federal Reserve Board Governor Lisa Cook. However, a federal appeals court ruled earlier this week that he cannot fire her. The White House has said in response that it is going to appeal that ruling to the Supreme Court.
— CNBC’s Jeff Cox contributed reporting.
