By Matt Grossman
Stephen Miran resigned from the Federal Reserve's board of governors Thursday, vacating a seat on the seven-member board that Kevin Warsh will fill as he takes over as the Fed's 17th chair.
Miran sent a resignation letter to President Trump on Thursday, setting his departure effective as of Warsh's swearing-in or shortly before. Warsh is expected to be sworn in as Fed chair in coming days.
Miran, a former Trump administration economic adviser, joined the Fed on Sept. 16, filling the final few months of a term left vacant by the resignation of another governor. Throughout his time at the central bank, Miran issued the Fed's strongest calls for interest-rate cuts. He participated in six Fed meetings and dissented in favor of lower interest rates at all six.
In his resignation letter, Miran continued to warn that rates might be too high. He wrote that broader economic trends, like slower population growth and looser economic regulation, will work to reduce inflation on their own, giving the Fed an opportunity to ease up on the reins. He also argued that the technical challenges of measuring inflation might be producing inflation statistics that read higher than the reality.
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(END) Dow Jones Newswires
May 14, 2026 16:39 ET (20:39 GMT)
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