Miran Attends Fed Board Confirmation Hearing
Stephen Miran, the nominee for the United States Federal Reserve Board of Governors, stated on September 4 (local time) that "the most important mission of a central bank is to prevent recessions and hyperinflation."
At his confirmation hearing before the Senate Banking Committee that day, Miran made this statement during his opening remarks. He also emphasized that "the independence of monetary policy is a very important factor in the success of a central bank."
Miran, who serves as the Chair of the White House Council of Economic Advisers (CEA), is known as former President Donald Trump's "economic strategist." Since taking office, President Trump has publicly pressured Federal Reserve Chair Jerome Powell to lower interest rates, and recently, after the early resignation of Board Member Adriana Kugler, he nominated his close aide Miran to fill the position.
The Republican Party plans to expedite the confirmation process so that Miran can attend the Federal Open Market Committee (FOMC) meeting scheduled for September 16-17.
The market is closely watching what stance Miran, who is expected to align with President Trump's calls for interest rate cuts, will take during the hearing. In particular, there are concerns that if he raises issues regarding the independence of monetary policy, the government bond market could react sensitively.
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