Miran’s departure clears the way for Warsh’s leadership as Powell remains on the board until January 31, 2028.
Federal Reserve Governor Stephan Miran has resigned from the Fed’s board, effective ahead of Kevin Warsh’s swearing-in as the new chair. Miran, a consistent dissenter advocating for rate cuts, suggested in his final remarks that PCE inflation, particularly in housing, would normalize and supported policy easing due to lagging effects.
Miran’s resignation aligns with the transition of leadership, though Jerome Powell’s term as chair ends May 15. Powell will remain on the Federal Reserve Board until January 31, 2028, but has ruled out acting as a “shadow chair,” emphasizing support for the incoming leadership. His prior experience as a governor was cited as a reason for staying to help build consensus.
The shift comes as the Fed navigates political and legal challenges, with Powell stressing the importance of avoiding interference with Warsh’s role. Miran’s departure removes a vocal advocate for looser policy from the FOMC voting roster.