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  "id": "stephen-miran",
  "name": "Stephen Miran",
  "kind": "person",
  "url": "https://whatledto.com/who/stephen-miran",
  "description": "Chair of the Council of Economic Advisers and, from 2025, a Federal Reserve governor.",
  "same_as": [
    "https://en.wikipedia.org/wiki/Stephen_Miran"
  ],
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    {
      "slug": "fed-rate-path-2025-2026",
      "title": "The Fed's Rate Path: From the 2024 Cuts to Warsh's First Meetings",
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026",
      "json": "https://whatledto.com/events/fed-rate-path-2025-2026.json",
      "role": "Trump-appointed Fed governor who repeatedly dissented for larger or earlier rate cuts before Warsh became chair.",
      "entries": 7,
      "updated_at": "2026-10-16T02:10:22.232634+00:00"
    }
  ],
  "entries": [
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 422,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n422",
      "date": "2026-04-29",
      "date_precision": "day",
      "title": "Four dissents at Powell's last full meeting as chair: one for a cut, three against the easing bias",
      "summary": "The FOMC held for a third meeting, describing inflation as elevated in part because of global energy prices. Miran wanted a cut, while Beth Hammack, Neel Kashkari and Lorie Logan supported holding but objected to the statement's easing bias, the widest split under Powell. The Senate Banking Committee had advanced Warsh's nomination on a party-line vote the same day.",
      "type": "announcement",
      "entities": [
        "Federal Open Market Committee",
        "Jerome Powell",
        "Stephen Miran",
        "Beth Hammack",
        "Neel Kashkari",
        "Lorie Logan"
      ],
      "parties": [
        "federal-open-market-committee",
        "jerome-powell",
        "stephen-miran",
        "beth-hammack",
        "neel-kashkari",
        "lorie-logan"
      ],
      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/pressreleases/monetary20260429a.htm",
          "outlet": "Federal Reserve Board",
          "published": "2026-04-29",
          "quote": "Voting against this action were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting; and Beth M. Hammack, Neel Kashkari, and Lorie K. Logan, who supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias"
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 421,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n421",
      "date": "2026-03-18",
      "date_precision": "day",
      "title": "Hold at 3.5 to 3.75 percent as Middle East developments cloud the outlook; Miran the lone dissent",
      "summary": "With oil prices rising on the conflict in the Middle East, the committee held for a second meeting and added that the implications for the U.S. economy were uncertain. Miran dissented alone for a quarter-point cut. Trump had formally sent Warsh's nomination to the Senate on March 4.",
      "type": "announcement",
      "entities": [
        "Federal Open Market Committee",
        "Jerome Powell",
        "Stephen Miran"
      ],
      "parties": [
        "federal-open-market-committee",
        "jerome-powell",
        "stephen-miran"
      ],
      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/pressreleases/monetary20260318a.htm",
          "outlet": "Federal Reserve Board",
          "published": "2026-03-18",
          "quote": "The implications of developments in the Middle East for the U.S. economy are uncertain."
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 419,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n419",
      "date": "2026-01-28",
      "date_precision": "day",
      "title": "First hold of 2026 at 3.5 to 3.75 percent; Miran and Waller dissent for a cut",
      "summary": "The committee kept rates unchanged, saying job gains had remained low but the unemployment rate showed signs of stabilising and inflation remained somewhat elevated. Governors Miran and Waller, both seen as candidates for chair, dissented in favour of a quarter-point cut. Two days later Trump announced his choice of chair.",
      "type": "announcement",
      "entities": [
        "Federal Open Market Committee",
        "Jerome Powell",
        "Stephen Miran",
        "Christopher Waller"
      ],
      "parties": [
        "federal-open-market-committee",
        "jerome-powell",
        "stephen-miran",
        "christopher-waller"
      ],
      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/pressreleases/monetary20260128a.htm",
          "outlet": "Federal Reserve Board",
          "published": "2026-01-28",
          "quote": "Voting against this action were Stephen I. Miran and Christopher J. Waller, who preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting."
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 418,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n418",
      "date": "2025-12-10",
      "date_precision": "day",
      "title": "Third cut of the year to 3.5 to 3.75 percent, over three dissents",
      "summary": "The FOMC delivered a third consecutive quarter-point cut, taking the range 75 basis points below its September level. Miran dissented for a larger cut while Austan Goolsbee and Jeffrey Schmid preferred to hold, the most dissents at a meeting since 2019. The projections showed only one cut in 2026, and this was the last change in the target range for at least the following nine months.",
      "type": "announcement",
      "entities": [
        "Federal Open Market Committee",
        "Jerome Powell",
        "Stephen Miran",
        "Austan Goolsbee",
        "Jeffrey Schmid"
      ],
      "parties": [
        "federal-open-market-committee",
        "jerome-powell",
        "stephen-miran",
        "austan-goolsbee",
        "jeffrey-schmid"
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      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/pressreleases/monetary20251210a.htm",
          "outlet": "Federal Reserve Board",
          "published": "2025-12-10",
          "quote": "Voting against this action were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/2 percentage point at this meeting; and Austan D. Goolsbee and Jeffrey R. Schmid, who preferred no change to the target range for the federal funds rate at this meeting."
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 417,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n417",
      "date": "2025-10-29",
      "date_precision": "day",
      "title": "Second cut to 3.75 to 4 percent; balance-sheet runoff to end December 1; dissents in both directions",
      "summary": "With the government shut down and most official data suspended, the committee cut again and announced it would stop shrinking its securities holdings on December 1. Miran again wanted a half point while Kansas City's Jeffrey Schmid wanted no change. Powell said a December cut was far from a foregone conclusion.",
      "type": "announcement",
      "entities": [
        "Federal Open Market Committee",
        "Jerome Powell",
        "Stephen Miran",
        "Jeffrey Schmid"
      ],
      "parties": [
        "federal-open-market-committee",
        "jerome-powell",
        "stephen-miran",
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      ],
      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/pressreleases/monetary20251029a.htm",
          "outlet": "Federal Reserve Board",
          "published": "2025-10-29",
          "quote": "The Committee decided to conclude the reduction of its aggregate securities holdings on December 1."
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 416,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n416",
      "date": "2025-09-17",
      "date_precision": "day",
      "title": "First cut of 2025: a quarter point to 4 to 4.25 percent, citing downside risks to employment",
      "summary": "The FOMC resumed easing after nine months, saying downside risks to employment had risen, and the projections showed two more cuts in 2025. Miran dissented on his first day in favour of a half-point cut; Bowman and Waller, who had dissented in July, voted with the majority. Freddie Mac's 30-year mortgage rate fell to 6.26 percent that week, the lowest in almost a year.",
      "type": "announcement",
      "entities": [
        "Federal Open Market Committee",
        "Jerome Powell",
        "Stephen Miran"
      ],
      "parties": [
        "federal-open-market-committee",
        "jerome-powell",
        "stephen-miran"
      ],
      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/pressreleases/monetary20250917a.htm",
          "outlet": "Federal Reserve Board",
          "published": "2025-09-17",
          "quote": "In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 4 to 4‑1/4 percent."
        }
      ]
    },
    {
      "timeline": "fed-rate-path-2025-2026",
      "id": 415,
      "url": "https://whatledto.com/events/fed-rate-path-2025-2026#n415",
      "date": "2025-09-16",
      "date_precision": "day",
      "title": "Stephen Miran sworn in as governor the day before the meeting, on leave from the White House",
      "summary": "The chair of the Council of Economic Advisers took the oath as a Fed governor one day after a party-line Senate confirmation and two weeks after his nomination, filling Adriana Kugler's seat with a term ending January 31, 2026. He took unpaid leave from the White House rather than resigning, which drew criticism about the Fed's independence, and voted at the next day's meeting.",
      "type": "announcement",
      "entities": [
        "Stephen Miran",
        "Federal Reserve",
        "Donald Trump"
      ],
      "parties": [
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        "donald-trump"
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      "sources": [
        {
          "url": "https://www.federalreserve.gov/newsevents/pressreleases/other20250916a.htm",
          "outlet": "Federal Reserve Board",
          "published": "2025-09-16",
          "quote": "President Trump nominated Dr. Miran on September 2, 2025, and he was confirmed by the United States Senate on September 15, 2025. His term as a member of the Board ends on January 31, 2026."
        }
      ]
    }
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