Stephen Miran, the newly confirmed Federal Reserve Governor, delivered remarks Monday at the Economic Club of New York, outlining his perspective on the current economic climate and monetary policy direction. The appearance followed closely on the heels of his first Federal Open Market Committee (FOMC) meeting, where he cast the sole dissenting vote against the decision to reduce the federal funds rate by 25 basis points. Miran instead advocated for a more aggressive 50-basis-point cut.
Miran was officially confirmed last Tuesday after being nominated by President Donald Trump to fill the vacancy left by former Governor Adriana Kugler, who resigned unexpectedly in early August. His current term is set to expire on January 31, 2026, and he is not anticipated to serve a full 14-year tenure.
Prior to joining the central bank, Miran served as chair of the Council of Economic Advisers, a role to which he plans to return following his temporary assignment at the Fed.
During the event, Miran clarified that he did not coordinate or communicate his voting intentions with President Trump ahead of the rate decision, underscoring the Fed’s operational independence. His stance highlights internal divisions within the FOMC regarding the appropriate pace of monetary easing amid mixed economic signals.
The discussion comes amid broader debate among Fed officials about the limits of further rate reductions. St. Louis Fed President Musalem, for instance, recently remarked that there is “limited room” for additional cuts. Miran’s dissent signals a growing divergence in views on how best to balance inflation control with employment support.
The full event was streamed live starting at noon ET, with CNBC providing coverage as the speech began.
— news from CNBC
— News Original —
Watch new Fed Governor Stephen Miran speak live on the economy and interest rates
[The stream is slated to start at Noon ET. CNBC Television will start the stream when the event begins. Please refresh the page if you do not see a player above.] n nNew Federal Reserve Governor Stephen Miran speaks Monday to the Economic Club of New York to explain his views on the economy and monetary policy. n nThe appearance comes less than a week after Miran voiced the lone dissent from the Federal Open Market Committee’s decision to lower its key overnight borrowing rate by a quarter percentage point. Instead, Miran favored a half-point reduction. n nMiran was confirmed last Tuesday, after President Donald Trump nominated him to fill the vacancy created when former Governor Adriana Kugler unexpectedly resigned in early August. The term expires on Jan. 31, 2026, and Miran is not expected to be reappointed for a full 14-year term. n nPrior to coming to the Fed, he served as chair of the Council of Economic Advisers, a position from which he has taken a leave and will return to after his stint at the central bank. n nRead more: n nSt. Louis Fed President Musalem sees ‘limited room’ for more interest rate cuts n nFed Governor Miran says he did not tell Trump how he would vote on rates this week n nThe Fed’s rate cut masked large internal differences about where policy is going