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Stephen Miran, Trump’s economic guru, is leaving the Fed. What happens now?

Stephen Miran’s departure from the US Federal Reserve Board of Governors will smooth the leadership transition to incoming chair Kevin Warsh, but his exit is…

By Samantha Johnson / May 15, 2026
Stephen Miran’s departure from the US Federal Reserve Board of Governors will smooth the leadership transition to incoming chair Kevin Warsh, but his exit is unlikely to alter the central bank’s policy trajectory, analysts said.

The move is also sparking speculation about what comes next for Miran – a former top economic adviser to US President Donald Trump – with market watchers debating whether he will return to the White House or re-enter the private sector.

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Miran submitted his resignation as a board member on Thursday, according to the Federal Reserve, making it “effective when or shortly before his successor on the board is sworn in”.

Matteo Giovannini, a senior finance manager at the Industrial and Commercial Bank of China, noted the move was “largely expected” once Warsh’s nomination to lead the Fed moved forward.

“In practical terms, his resignation clears the way for a smoother leadership transition at the Fed under Warsh,” he said.

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Xu Tianchen, senior economist at the Economist Intelligence Unit, also sees Miran’s exit as a procedural necessity to “give Warsh a window to establish his presence within the Fed”.

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