A Brief Fed Tenure, a Lasting Prompt: Miran Paves the Way for Warsh’s Agenda

Outgoing Fed Governor Stephen Miran, who pressed for aggressive rate cuts and deregulation-driven disinflation, exits after a brief tenure that underscored the Fed’s committee-driven process. Miran dissented at every meeting and argues for front-loaded cuts, while attributing part of inflation trends to supply shocks and software-inflation quirks. Incoming Chair Kevin Warsh shares some of Miran’s ideas, suggesting a shift toward focusing on underlying inflation, but the Fed’s changes are likely to be slow and incremental as the board forges a consensus.