Fed Governor Prospect Stephen Miran promises to uphold Fed independence if confirmed

Joshua Gibson FXStreet

Stephen Miran, United States (US) Council of Economic Advisors (CEA) member and US President Donald Trump's pick to fill a recently-vacated seat on the Federal Reserve's (Fed) Board of Governors, swore that he would uphold the Fed's political independence if he were to be confirmed by Congress. Miran stated that his opinions as a Fed Governor would be based on "his analysis", which has resulted in odd publications in the past.

Miran also made a point of misattributing the Fed's mandate during his appearance, claiming that the Fed's "main job" is to prevent depressions and inflation. The Fed's only mandate is to maintain price stability and support employment.

Key highlights

The composition of the Fed's balance sheet is an open question.
Central Bank main job is to prevent depression and inflation.
Independence of monetary policy is a critical element.
Opinions as Fed Governor would be based on my analysis.
I intend to preserve FOMC independence if confirmed.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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