Trump nominated Stephen Miran, the chair of the Council of Economic Advisors and a Harvard Ph.D, on Aug. 7 to serve as temporary Fed governor, filling the opening left by Adriana Kugler’s unexpected resignation. Kugler, a labor economist, announced that her surprise resignation would take effect Aug. 8.

Miran has been a major defender of Trump’s income tax cuts and tariff hikes. He also has played down the risk of Trump’s tariffs generating higher inflation.

The Trump administration is set to implement significant changes to the Federal Reserve, aiming to reshape the world's most powerful central bank. With plans already underway, these changes promise to alter the landscape of U.