Fed’s Miran Sees Warsh as Persuasive, Respected New Chair

Fed Governor Stephen Miran praised Trump's new pick for Fed Chair Kevin Warsh, saying that the nominee to replace Jerome Powell is a fantastic pick with a 'long and illustrious career in history as a very insightful thinker on monetary policy.' Miran, whose temporary term expires at the end of the month but will extend to cover the nomination of his replacement, also heaped praise on Powell, saying that he deserves a thank you from the country and that his work 'helped save the country from a second Great Depression' during the pandemic.

Federal Reserve Governor Stephen Miran said he expects Kevin Warsh, President Donald Trump’s pick to lead the central bank, will prove effective in his leadership of the Fed’s monetary policy committee.

“He’s been there before, he knows how the place operates. He knows a lot of the key figures involved and he’s got the respect and the credibility that you need to do that,” Miran said Friday on Bloomberg TV. “I think that he will be able to marshal the arguments and the evidence that he needs to persuade people of his policy views.”

Trump announced earlier Friday he intends to nominate Warsh to replace Jerome Powell when his term as chair expires in May.

Miran dissented against the Fed’s decision this week to hold interest rates steady, in favor of a quarter percentage point cut. Late last year, when the Fed was cutting rates by that amount, Miran voted against those decisions because he preferred a larger, half percentage point cut.

“I still think we need to cut interest rates substantially further from here,” Miran said. “However, given that we’ve made some progress reducing rates, we can now proceed at a slower pace of a quarter-point per meeting.”

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