world-economy

Fed Governor Miran Resigns, Backs Warsh for Chair Role

Federal Reserve Governor Stephen Miran submitted his resignation Thursday, clearing the way for incoming Chair Kevin Warsh. Miran will step down when or before Warsh takes the helm following Senate confirmation Wednesday. The governor joined the board in September 2025 after leading the Council of Economic Advisers and served as a consistent dissenting voice on monetary policy. He opposed all three three-quarter-percentage-point rate cuts approved in 2025 and voted against the three rate-hold decisions in 2026, advocating instead for quarter-point reductions. In his resignation letter, Miran expressed confidence in Warsh's approach to communications policy, balance sheet strategy, and maintaining the Fed's narrow mandate. He emphasized the need for monetary policymakers to better account for nonmonetary factors, citing population growth, immigration trends, and deregulation impacts on employment and inflation.