Fed Governor Stephen Miran to resign after Kevin Warsh is sworn in
Fortune • • business
Key Points:
- Miran resigned from the Federal Reserve Board of Governors, a move anticipated as his seat will be filled by Kevin Warsh.
- In his resignation letter, Miran criticized the Fed’s inflation measurement methods, warning that failure to correct these errors could lead to unnecessarily high unemployment by targeting "fake" inflation.
- Miran expressed support for Warsh’s planned reforms, including changes to the Fed’s communications strategy and balance sheet policies.
- Miran, a dovish policymaker who joined the Fed in September, consistently voted for interest-rate cuts, sometimes dissenting for larger reductions than his colleagues.
- The Senate narrowly confirmed Kevin Warsh as Fed chair, enabling him to assume the position after Jerome Powell’s term ends on Friday.