Fed Governor Stephen Miran Resigns Ahead of Kevin Warsh's Appointment

Fed Governor Stephen Miran has officially submitted his resignation, stating he will vacate his position on the Federal Reserve Board by the time or before Kevin Warsh assumes the role of Chair. According to ChainCatcher, Miran took over the position following the sudden resignation of Adriana Kugler in August 2025. Throughout his tenure, Miran has been a dissenting voice on the Federal Open Market Committee (FOMC), opposing decisions in all six meetings he attended. Miran has consistently advocated for lowering interest rates, opposing the FOMC's approval of three 25-basis-point rate cuts in 2025, as he favored more significant reductions. This year, he voted against maintaining the current rates three times, instead supporting a 25-basis-point cut. He believes that personal consumption expenditure (PCE) inflation, particularly in housing, will gradually return to normal levels. Miran emphasized the need for rate cuts due to the lagging effects of monetary policy. Additionally, he has pushed for a more forward-looking approach to monetary policy, arguing that the Federal Reserve should better consider non-monetary factors and their impact on policy. He highlighted the effects of slowing population growth and reduced immigration on employment, as well as the deflationary pressures from deregulation.