The president of the United States, Donald Trump, plans to boost his economic advisor Stephen look at a strategic position within the United States Central Bank (Fed), whom he wants to reduce interest rates. It is still necessary to confirm the appointment of Stephen Miran, tireless defender of the president’s economic policy in the media.
The Head of State had given a few days to decide the name of the person who will take the place of Governor Adriana Kugler. What announced his resignation last week, when his mandate was to finish a few months later.
In a message on Thursday in his social network of truth, Donald Trump announced that Stephen Miran, who presides over the Economic Council of the White House, would occupy Adriana Kugler’s seat until the term of the mandate on January 31, 2026. “Meanwhile, we will continue looking for a permanent replacement,” he said.
“He will do a remarkable job”
The Federal Reserve Council includes seven members, including the president of the Central Bank, Jerome Powell (which Donald Trump wishes to overthrow). All sit in the Monetary Policy Committee (FOMC) that has voted for 1 person on US interest rates. Donald Trump, who ignores the independence of the Central Bank, has been asking for his return to the power of the drastic cuts of these rates that guide the cost of credit from their return to power and have a strong influence on financial markets.
“Stephen has a doctorate in Economics from Harvard University and distinguished himself during my first mandate. He has accompanied me since the beginning of my second term and his experience in the economy has no rival. He will do a remarkable job,” said the president in his message.
Adriana Kugler became Governor in 2023 about the proposal of former Democratic President Joe Biden. His departure, of which he did not reveal the reasons, allows Donald Trump to accelerate the change of government at the top of the institution.
A governor who “will simply serve Trump”?
Another appointment is anxiously expected: that of the person who will replace Jerome Powell, whose mandate ends in the spring of 2026. Donald Trump explained at the beginning of the week that he had four candidates for this position. Former Governor Christopher Waller is a favorite, according to the Bloomberg agency. He opposed the maintenance of rates at his current level at the Fed meeting at the end of July, which begged contrary to a fall, for fear of rapid degradation of the labor market.
The employment figures for July, published two days later, showed that the labor market was worse than expected, giving the comments of Christopher Waller about the melodies of prophecy. Jerome Powell, who had become president of the Fed about Donald Trump’s proposal during his first term, is now the ruin of US President.
The latter seemed to look for a way to fire him and asked him to resign. He also strongly suggested to other central bankers to overthrow him. According to analysts, Donald Trump’s desire to weigh the monetary policy decisions will show the suspicion of those they call, when the US economy seems to hesitate under the effect of its protectionist offensive.
“Stephen Miran is a faithful defender of Trump and one of the main architects of the chaotic customs policy (…) that weighs on the portfolio of the Americans and our economy,” said Democratic Senator Elizabeth Warren in a statement. The opponent warns that she will try to know, during the audience in the Senate, “if he will serve the American people as an independent voice within the Fed or if he will be content to serve Donald Trump.”
Source: BFM TV
