US President Donald Trump plans to propel his economic advisor Stephen Miran to a strategic position in the United States Central Bank (Fed). The billionaire wants the institution to lower interest rates.
The appointment of Stephen Miran, tireless defender of the president’s economic policy in the media, is still necessary to be confirmed by the Senate with a republican majority.
The Head of State had given himself a few days to decide the name of the person who will take the place of Governor Adriana Kugler. The latter announced her resignation last week, when her mandate was to end a few months later.
In a message Thursday on his social social network, Donald Trump announced that Stephen Miran, who chairs the White House Economic Council, would occupy Adriana Kugler’s seat until the term of the mandate on January 31, 2026.
Seven members
The Council of Governors of the Federal Reserve includes seven members, including the President of the Central Bank, Jerome Powell. All sit on the monetary policy committee (FOMC) which has twelve people voted on American interest rates.
Donald Trump, who ignores the independence of the Central Bank, has been asking for his return to the power of the drastic decreases of these rates which guide the cost of credit since his return to power and have a strong influence on the financial markets.
Adriana Kugler became governor in 2023 on the proposal of the former Democrat-President Joe Biden. Her departure, of which she did not reveal the reasons, allows Donald Trump to accelerate the change of governance at the top of the institution.
Four candidates to replace Jerome Powell
Another appointment is eagerly awaited: that of the person who will replace Jerome Powell, whose mandate ends in the spring. Donald Trump explained at the start of the week that he had four candidates for this position.
Ex-government Christopher Waller is a favorite, according to the Bloomberg agency on Thursday. He opposed the maintenance of rates at their current level at the Fed meeting, at the end of July, pleading on the contrary for a drop, of fear of rapid degradation of the labor market.
Jerome Powell, who had become president of the Fed on the proposal of Donald Trump during his first mandate, is now the Bane of the American president. The latter seemed to seek a way to dismiss him and asked him to resign. He also strongly suggested to other central bankers to overthrow him.
