Fed Governor Stephen Miran resigns, backs Kevin Warsh for chair role

Federal Reserve Governor Stephen Miran submitted his resignation letter Thursday and said he will leave the Board of Governors when, or shortly before, incoming Chair Kevin Warsh is seated. Miran had been a consistent dissent on the FOMC, voting against three 0.25-percentage-point rate cuts approved in 2025 and opposing this year's three decisions to keep rates unchanged. He said he supports changes Warsh may pursue, including communications policy, balance sheet policy, and keeping the Fed focused on a narrow mandate.

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