Trump announces Stephen Miran as pick for Federal Reserve board as speculation swirls around Powell replacement

WASHINGTON — President Trump appointed one of his top economic advisers to serve on the Federal Reserve Board of Governors Thursday — after months of pressuring Fed Chairman Jerome Powell to resign or demanding the board stage a coup to lower interest rates.

“It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026,” Trump said in a statement.

“In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job. Congratulations Stephen!”

Miran will replace Adriana Kugler, an appointee of former President Joe Biden, on the seven-member panel headed by Powell.

Trump, 79, has excoriated Powell, whose term ends in May, for refusing to lower interest rates this year, despite inflation remaining below 3% — near the central bank’s 2% target.

Powell, 72, has refused to leave voluntarily and cited concern about the effect of Trump’s tariffs as a reason for restraint.