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Federal Reserve Governor Stephen Miran has officially resigned from his role as chair of the White House Council of Economic Advisers (CEA), marking the end of a brief but high-profile chapter that bridged both the central bank and the Trump administration’s economic team.

Miran joined the CEA in January 2025, becoming one of President Donald Trump’s key economic advisers. However, he stepped away from those duties in September 2025 after being appointed to the Federal Reserve Board of Governors to fill the unexpired term of former Governor Adriana Kugler, who resigned unexpectedly in August. That temporary Fed appointment concluded on Jan. 31, triggering Miran’s departure from the White House post, as he had previously pledged to do if his central bank service extended beyond that date.

A White House spokesperson confirmed that Miran formally submitted his resignation in line with commitments he made during his Senate confirmation process.

“Prior to the start of Stephen’s leave last September, his insights and advocacy made him an enormous asset to the administration,” said White House spokesman Kush Desai, adding that Miran had become a core figure in shaping economic policy during his time at the CEA.

From White House Adviser to Fed Dissenter

Miran’s time at the Federal Reserve was short but consequential.

He joined the Board of Governors in September to complete Kugler’s term and quickly established himself as one of the most dovish voices on monetary policy. Over the four Federal Open Market Committee meetings he attended, Miran voted against the majority every time.

While policymakers cut the benchmark interest rate by 25 basis points at three of those meetings, Miran consistently pushed for deeper reductions, arguing that half-point cuts were needed to support growth. Most recently, at the January meeting, he opposed the decision to hold rates steady in a range of 3.5% to 3.75%, instead calling for an additional quarter-point cut.

His stance put him at odds with most of his colleagues, who favored a more cautious approach amid persistent inflation pressures and uneven economic data. Miran argued publicly that restrictive financial conditions risked slowing job creation and business investment, particularly as parts of the economy showed signs of cooling.

A Vacant Seat and Political Implications

With Miran’s Fed term now complete, his departure creates the only current vacancy on the Federal Reserve Board of Governors, a development that could carry significant political and market implications.

In a recent appearance on CNBC’s “Money Movers,” Miran acknowledged that his seat would be the sole open position available should President Trump move forward with nominating former Fed Governor Kevin Warsh, whom the president said last week he intends to put forward as a future Fed chair.

The White House has not yet formally announced Miran’s replacement, either at the Federal Reserve or within the Council of Economic Advisers.

Sen. Elizabeth Warren of Massachusetts criticized the timing of Miran’s exit, writing on X that his departure came “141 days too late,” underscoring ongoing tensions between Democrats and the administration over the direction of economic and monetary policy.

Background and Broader Context

Miran’s path reflects the increasingly close interplay between fiscal policy inside the White House and monetary policy at the Federal Reserve. His move from the CEA to the Fed last fall followed Kugler’s abrupt resignation and came at a sensitive moment for markets, as investors weighed the pace of rate cuts, slowing global growth, and shifting political dynamics ahead of key nominations.

Before joining the administration, Miran built a reputation as a policy-focused economist with strong views on growth-oriented monetary easing. Inside the White House, he was involved in advising on labor markets, inflation trends, and broader macroeconomic strategy. At the Fed, he became known for advocating faster and more aggressive rate relief to support households and businesses.

His resignation now closes that loop, ending his formal role in both institutions and setting the stage for the next phase of leadership changes at the central bank.

Barron’s first reported Miran’s intention to step down from the CEA, a move that adds further momentum to a reshaping of Washington’s economic policy team as the administration prepares its next round of nominations and recalibrates its approach to growth, inflation, and interest rates.

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