US President Trump has named CEA Chair Stephen Miran as the temporary replacement for Fed Board member Adriana Kugler, serving until at least January 31, 2026.
As expected, Miran is closely aligned with Trump’s policy views, including support for tariffs and scepticism over the Federal Reserve’s independence.
Notably, Miran is a critic of the U.S. dollar’s current strength and is the author of the “Mar-A-Lago Accord” — a proposal to deliberately weaken the dollar to address the U.S. current account deficit.
The White House is also searching for a new Fed chair. If markets believe the next chair will prioritise Trump’s agenda over an independent monetary policy (a safe assumption at this stage) investors may demand higher yields on U.S. debt to hedge inflation risk. That could add volatility to US pairs.
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