according to the materials of the site -
By Cryptopolitan_News

U.S. President Donald Trump appointed Chairman of the Council of Economic Advisers Dr. Stephen Miran to temporarily fill the vacancy on the Board of Governors of the Federal Reserve System.

The appointment on Thursday also came amid months of pressure on Fed Chairman Jerome Powell to resign, urging the board to stage a coup and lower interest rates. The Fed lowers rates to ease access to credit for individuals and businesses. On the other hand, to combat rising prices, it raises interest rates to make borrowing more difficult and reduce spending.

Miran's interim term will last until next year.
Miran will serve until the end of the term of outgoing Federal Reserve Chair Adriana Kugler, who will step down on Friday. His term will last until January 31, 2026.

"It is a great honor for me to announce that I have appointed Dr. Stephen Miran, the current Chair of the Council of Economic Advisers, to the vacant position on the Board of Governors of the Federal Reserve System until January 31, 2026," President Trump wrote on Truth Social, adding that the government "will continue to search for a permanent replacement."

"Stephen has a PhD in economics from Harvard University and has worked brilliantly in my first administration. He has been with me since the beginning of my second term, and his experience in the world of economics is unparalleled — he will do an outstanding job. Congratulations, Stephen!"

Trump.

Miran was an economic policy advisor at the U.S. Department of Treasury during Trump's first administration and was also a senior strategist at Hudson Bay Capital Management.

Some enthusiasts commenting on the news on platform X believe that Miran's appointment is a step in the right direction given his extensive experience in the field.

"His experience and knowledge in the field of economics will undoubtedly be valuable during this transitional period," wrote Satyam Singh.

According to reports, his appointment will not only bring a representative of the Trump administration to the Fed board but is likely to allow another official to advocate for the central bank to lower interest rates at the upcoming September monetary policy meeting.
Recently, Fed governors Chris Waller and Michelle Bowman voted to keep the Fed's interest rates unchanged in the range of 4.25% to 4.50%.
A recent Bloomberg report, published last Thursday, indicated that Waller is becoming the most preferred candidate to replace Jerome Powell as Fed Chairman among Trump's advisors.

Last week, outgoing Kugler unexpectedly announced her resignation from the Board of Governors of the Fed, less than six months before her term was set to expire on January 31 of next year.

She has served as a Fed governor since September 13, 2023, and will return to Georgetown University this fall as a professor. As previously reported by Cryptopolitan, Kugler's departure will give President Trump another opportunity to challenge Powell, as he only needs Republican approval for his nominee in the Senate.
President Trump, who has openly expressed his disagreement, believes that high interest rates are no longer needed to achieve inflation. However, Powell has warned that raising rates could lead to higher consumer prices.

"High rates are beginning to more clearly reflect on the prices of some goods, but their overall impact on economic activity and inflation is yet to be assessed," he told reporters on Wednesday.


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