Fed Governor Miran resigns and backs Warsh as chair-in-waiting
Federal Reserve Governor Stephen Miran has submitted his resignation, saying he will vacate the Fed board around the time Kevin Warsh takes the chair. A contrarian on rate moves, Miran opposed 2025 rate hikes and backed rate cuts this year, and he praised Warsh while signaling policy changes under new leadership, such as communications and balance-sheet policy, and keeping the Fed to its narrow mandate. He advocates a forward-looking approach that accounts for nonmonetary forces like slower population growth and deregulation, and supports shrinking the balance sheet along with deregulation of banks.
