No Surprise: Fed’s Miran submits resignation from Fed Board with Warsh replacing him
FOMC board member Stephan Miran has submitted his resignation from the Fed board effective on or shortly before new Fed chair Kevin Warsh is sworn in.
Earlier today Miran may have spoken for the last time in his role on the FOMC saying that he believed that the PCE inflation, particularly with housing, will converge down to normal levels, and reiterated that he thought rate cuts were warranted based on lag of monetary policy. Miran dissented for cuts at all his Fed meetings since becoming a governor.
Although Powell’s term as Fed chair is over on May 15, his separate term as a member of the Federal Reserve Board of Governors — and therefore as an FOMC voting member — runs until January 31, 2028.
Jerome Powell has said he intends to remain on the Federal Reserve Board after his term as Chair ends, but emphasized that he does not plan to act as a “shadow Fed chair.”
At his April 29, 2026 press conference, Powell said:
“I’m going back to being a governor. I respect the role of chair.”
He also said:
“That’s just something I would never do, the shadow chair thing.”
Powell explained that he plans to keep a low profile, support the incoming chair, and help build consensus rather than undermine leadership. He noted that he previously served as a Fed governor for six years before becoming Chair and understands the importance of not complicating the chair’s job.
He also indicated that part of the reason for staying on the Board was concern over what he described as political and legal pressure on the Fed, saying recent actions against the institution raised broader issues about Fed independence.
This article was written by Greg Michalowski at investinglive.com.