Fed Governor Miran says he did not tell Trump how he would vote on rates this week

Federal Reserve Governor Stephen Miran recently spoke to CNBC, addressing concerns about his independence and interactions with President Donald Trump regarding the recent interest-rate decision. Miran emphasized that he made his decision to vote against the quarter-point reduction independently, without any pressure from the President.

In a “Money Movers” interview, Miran clarified that his conversation with President Trump was brief and congratulatory in nature. He stated that he did not discuss his voting decision or his projections for the economic outlook with the President. Miran’s dissenting vote, along with his projections for lower interest rates compared to his colleagues, have raised questions about the Fed’s independence, particularly under the current administration.

President Trump has been vocal in his calls for aggressive interest rate cuts, often criticizing Fed Chair Jerome Powell. The President’s attempts to influence Fed policy have been more public and direct compared to previous administrations. Additionally, Trump’s efforts to remove Governor Lisa Cook and his statements about vetting Powell’s replacement for monetary policy views have further fueled concerns about political interference in the central bank’s decision-making process.

Despite the controversy surrounding his appointment, Miran addressed concerns about potential conflicts of interest due to his leave from the Council of Economic Advisers. He reiterated his commitment to serving until the end of his term in January 2026, stating that he would resign if asked to stay longer. Miran emphasized that he will provide detailed explanations for his dissenting views during his upcoming speech at the Economic Club of New York.

The atmosphere at the Federal Open Market Committee meeting, according to Miran, was collegial and welcoming, with interactions with Governor Cook being cordial. Minneapolis Fed President Neel Kashkari also described Miran’s arrival as a typical transition process, with members welcoming the new governor to the table.

In conclusion, despite the scrutiny surrounding his appointment and dissenting views, Miran remains committed to fulfilling his role at the Federal Reserve with integrity and independence. His upcoming speech at the Economic Club of New York will provide further insight into his rationale for diverging from the majority opinion within the FOMC.