Fed Governor Miran Resigns, Backs Warsh as New Chair Federal Reserve Governor Stephen Miran has formally resigned from his position, effective when or shortly before new Chair Kevin Warsh assumes leadership. The announcement came on Thursday, with Miran stating he will step down from the central bank’s board as Warsh prepares to take the helm. Miran’s resignation marks the end of his brief tenure on the Federal Open Market Committee (FOMC), where he served as a contrarian voice during his time on the rate-setting body. Miran’s term began in September 2025, following the abrupt resignation of Adriana Kugler, who had led the FOMC until August of that year. During his time on the committee, Miran consistently voted against the aggressive rate-cutting measures adopted by the FOMC. Specifically, he opposed the three quarter-percentage-point reductions approved in 2025 and later cast votes against three decisions to maintain steady rates, favoring instead smaller cuts. His dissenting stance positioned him as a key figure in the Fed’s evolving policy debates. In his resignation letter, Miran described his time at the Fed as “the highest honor of my life,” expressing confidence in Warsh’s leadership. The new chair, who received Senate confirmation earlier this week, is set to take over as the Fed navigates complex economic challenges. Miran highlighted his anticipation for the changes Warsh and the Federal Reserve might implement, particularly in areas such as communications policy, balance sheet management, and adherence to the central bank’s narrow mandate. He emphasized the need for the Fed to avoid entanglement in politically sensitive issues. Miran’s tenure was marked by his advocacy for a more forward-looking approach to monetary policy.#kevin_warsh #fed #fomc #stephen_miran #adriana_kugler
Fed Meeting Today: The Central Bank Holds Rates Steady, Points to One Cut This Year The Federal Reserve’s Federal Open Market Committee (FOMC) decided to maintain its benchmark interest rate range at 3.50% to 3.75% during its March 18, 2026, meeting. This marks the second consecutive meeting where the central bank opted not to lower rates, following a similar decision in January. The decision aligns with previous forecasts, as officials continue to project only a single rate reduction in 2026, a stance unchanged since the December meeting. Economic projections released alongside the decision indicate the Fed expects the U.S. economy to grow at an average rate of 2.4% in 2026, slightly higher than the 2.2% forecasted in December. This revision reflects updated assessments of consumer spending, business investment, and labor market conditions. However, the central bank remains cautious, emphasizing that inflationary pressures, though easing, still pose risks to long-term price stability. Notably, Governor Stephen Miran cast the sole dissenting vote against the decision to keep rates unchanged. In a statement, Miran argued that the current economic data suggests a more accommodative stance could be warranted to support growth without compromising inflation control. His dissent highlights ongoing internal debates within the Fed about the appropriate balance between stimulating the economy and maintaining price stability. Chair Jerome Powell addressed the broader economic outlook during his post-meeting press conference, acknowledging the potential impact of geopolitical tensions. He specifically mentioned the ongoing conflict in Iran as a factor that could introduce uncertainty into global markets.#iran #federal_reserve #jerome_powell #fomc #stephen_miran
