Donald Trump is slowly getting a firm grip on the Federal Reserve.
He’s adamant that interest rates must be slashed -and has been attacking Fed Chair Jerome Powell for months now .
And this past Friday, Trump appointed a new Fed Governor - meaning things might be about to get spicy.
The surprise new pick is bullish on:
Immediate rate cuts
Upending the Fed as an institution
Bitcoin and crypto
Yep – he’s definitely set to ruffle some feathers.
But this new guy will not be the new Fed Chair - he’ll only be around temporarily.
So the real question is this: who will Trump pick to take over the top job from Fed Chair Jerome Powell?
Let’s take a look…
There’s a new kid on the block
Two weeks ago, Fed Governor Adriana Kugler suddenly announced her resignation.
That left a hole on the FOMC for President Trump to fill immediately.
And last week, Trump named Steve Miran, currently chair of the White House Council of Economic Advisers, as the person to fill the hole.
That means Miran will likely take a seat on the Fed board imminently and will vote on rate decisions at upcoming Fed meetings.
But just to make things crystal clear: it’s been confirmed that Miran is not Trump’s pick for next Fed Chair - he will only fill the open Governor role temporarily until January 2026.
This gives Trump more time to decide who he’d like to nominate for the top job, when Jerome Powell's term ends in May 2026.
However, picking Miran was a big surprise – and his presence could mean things get heated at the Federal Reserve for the short time he is there.
Here’s why…
1/ Miran wants rate cuts and he wants them now
For some time Miran has been advocating heavily for rate cuts.
It’s highly likely that he will be voting for rate cuts at upcoming Fed meetings - but his vote is only one of 12.
2/ He vehemently disagrees with Powell on potential tariff inflation
Miran is a “Trump loyalist” and has aligned with the President on a range of economic issues, including tariffs.
Miran was actually one of the main architects of the Trump tariff plan.
3/ He’s got some BIG opinions on the Federal Reserve as an institution
For his short term, Steve Miran could be a disruptive force, representing the vanguard of a large number of the Trump team seeking radical changes at the Fed and questioning the central bank’s independence.
4/ He’s a big bitcoin advocate
Miran is a big believer in bitcoin and crypto.
He’s been a strong advocate of the Trump team’s crypto deregulation efforts.