Fed Governor Miran Resigns, Throws Support Behind Warsh as New Chair
US Federal Reserve Governor Stephen Miran submitted his resignation and publicly endorsed Kevin Warsh, who is taking over as the new Fed chair. The move clears space for Warsh to shape his leadership team after a senior reshuffle at the central bank.
Fed Governor Stephen Miran submitted his resignation letter to the White House and said he is confident Kevin Warsh, confirmed by the Senate 51-49, will successfully serve as chair. Miran said he chose to step down even though his term could have run to 2030, easing the transition for the new leadership.
The resignation comes as Warsh is expected to recalibrate the Fed's policy direction. Treasury Secretary Scott Bessent said Thursday he expects "substantial disinflation" in the coming months. The bond market, however, remains concerned that the Fed is behind the curve on stubborn core inflation.
Miran's departure opens space on the board alongside the change at the top. A former White House economic adviser, Miran did not confirm whether he is returning to the private sector. The Trump administration is expected to name a replacement nominee in the coming weeks.
More from North America
SpaceX IPO prospectus could land as soon as next week, sources say
Elon Musk's SpaceX could file its initial public offering prospectus as soon as next week, sources told CNBC. The listing would be one of the largest tech IPOs of the decade if it goes through.
Dow recaptures 50,000 as S&P 500 closes above 7,500 for first time
Wall Street hit new highs as an AI-led rally lifted major indexes. The Dow added 370 points to retake 50,000, and the S&P 500 closed above 7,500 for the first time ever.
GameStop makes $55.5bn takeover offer for eBay
GameStop CEO Ryan Cohen announced a $55.5 billion takeover offer for eBay, seeing potential to make it a much bigger rival to Amazon.