What is gold’s rally signaling about the global economy? Barclays weighs in.
Investing.com-- U.S. President Donald Trump’s nominee for the Federal Reserve’s Board of Governors, Stephen Miran, could be confirmed for the role by the Senate as soon as early next week, Politico reported on Wednesday.
Senate Republicans are aiming to confirm Miran’s nomination by as soon as Monday, September 15, Politico reported, citing two people with knowledge of the plans/
Such a move could place Miran on the Fed’s board just as it begins a two-day meeting to decide on interest rates, from Tuesday, September 16.
While Miran’s vote alone will not shift the scales, the Trump administration is eager to have him confirmed to the board and engaged in a discussion on interest rates, the Politico report said.
Miran– who serves as the chair of the Council of Economic Advisors– is set to temporarily replace Adriana Kugler, after she abruptly resigned from the Fed earlier this year. But he is only expected to remain in the position until January 2026, the balance of Kugler’s term.
Fed Chair Jerome Powell signaled that the central bank will cut interest rates next week, although markets are uncertain over what the scale of the cut will be. Recent cooling labor and inflation data ramped up conviction in a September rate cut.
To confirm Miran’s appointment by Monday, Republicans will need to raise his nomination on the Senate floor on Thursday, paving the way for an initial vote on Monday evening and a confirmation vote two hours later, Politico said.
Miran’s appointment to the board stands to give Trump more influence over the central bank’s rate-setting operations. The president’s efforts to remove Fed Governor Lisa Cook hit a snag this week after a judge ruled that Trump could not fire Cook, at least for now.