Federal Reserve Governor Stephen Miran said he expects to remain on the U.S. central bank’s Board of Governors after his term expires if the U.S. Senate has not confirmed a replacement. In an interview on Bloomberg Television, Miran said that if no one is confirmed to take his seat by January 31, 2026, he assumes he will stay.
The stance would prevent an open seat at a moment when Fed leadership is also in flux. Reuters reported that President Donald Trump could announce a nominee to succeed Fed Chair Jerome Powell as early as the first week of January 2026, citing a CNBC report. Powell’s chair term is scheduled to end in May 2026, and the chair nominee would still need Senate confirmation.
Miran joined the Fed in September 2025 to serve out the last months of a 14-year term after the resignation of Adriana Kugler, Reuters said, and has since positioned himself as the Fed’s most consistent advocate for faster policy easing.
A Dovish Record Since Joining The Fed
At each of the three policy meetings Miran has attended, he dissented in favor of a larger reduction than the quarter-point cut backed by the majority. Those repeated dissents have made him the central bank’s most visible proponent of faster easing since his arrival, according to Reuters.
Miran’s term ends only days after the Fed’s first policy meeting of 2026, but Fed rules allow a governor to remain in office until a successor is installed. Miran said he has not yet decided whether he will keep arguing for half-point moves, but suggested that as policy becomes less restrictive, the case for 25-basis-point steps may strengthen because larger moves can begin to look like “micromanaging.”
Rate Levels, Neutral Estimates, And A Split Committee
The Fed’s most recent cut on December 10 lowered the target range for the federal funds rate to 3.50%–3.75%. Reuters reported that this range sits near the upper end of policymakers’ estimates of a neutral setting—one that neither stimulates nor restrains the economy.
Miran linked his preference for larger cuts to the earlier stage of easing, and said that once rates approach neutral, smaller adjustments can become more appropriate. He framed the question as whether policymakers are already close to that zone or whether “a couple more cuts” are needed before shifting to a steadier pace.
The Fed’s projections released with the December decision revealed significant internal disagreement. About one-third of the Fed’s 19 rate-setting officials felt the cut was unnecessary, Reuters said, even as the majority supported continuing a gradual shift toward less-restrictive policy.
Among the skeptics was Cleveland Fed President Beth Hammack, who said her “base case” is to hold rates steady for a period until inflation shows clearer progress toward target or the labor market weakens more materially. Hammack argued that inflation remains too high and said November’s consumer price index reading of 2.7% likely understated 12-month price growth because of distortions in the data.
Miran called that view “wrong,” while also crediting Powell with keeping the committee moving in the same direction despite disagreements. He said the chair had managed to secure three consecutive cuts and described the consensus-building as a “cat-herding” exercise.
Fed Chair Succession And The Rate-Cut Debate
Miran’s willingness to remain beyond his term date could matter if the confirmation process for a successor extends into 2026, leaving the board’s membership tied to the pace of nominations and Senate action. In that scenario, Miran would continue participating in board decisions and could still cast votes at policy meetings until a replacement arrives.
Reuters reported that Trump is considering three finalists to lead the Fed after Powell’s term as chair ends, and that support for interest-rate reductions is a condition Trump has described for the role. With the chair selection and a potential board vacancy moving on different timelines, Miran’s “holdover” status would keep at least one seat from going empty while policymakers debate the next steps for borrowing costs in 2026.
