Trump's New Ally For Lower Rates: Stephen Miran Set For Fed Board Nomination

Trump said Thursday he will nominate Council of Economic Advisers Chair Stephen Miran to fill a vacant Federal Reserve Board seat, according to Benzinga. If confirmed, Miran would serve on the Federal Reserve Board through January 2026, giving him limited time to influence U.S. monetary policy. Miran built a career in investment firms before drawing Trump's attention with pro-tariff policy papers, including his 41-page "Mar-a-Lago Accord." His recent comments point to a dovish stance, citing cooling inflation and advocating for updated models. CME FedWatch data show a 93% chance of a rate cut in September and a 63% chance of a follow-up cut in October. Following the nomination, the dollar dipped 0.3% and gold surged to $3,400. The S&P 500 closed slightly lower, while the Nasdaq rose 0.3%.