MNI BRIEF: Senate Confirms White House's Miran As Fed Governor

The Senate late Monday confirmed White House Council of Economic Advisers Chair Stephen Miran to join the Federal Reserve Board of Governors, serving the final four months of a 14-year term vacated by Adriana Kugler. The vote was 48 to 47. 

Miran’s fast-tracked confirmation sets him up to appear at the Fed’s Federal Open Market Committee meeting scheduled for Tuesday and Wednesday. The FOMC is expected to cut interest rates by 25 bps for the first time since December on weaker jobs data, and some analysts expect Miran to dissent in favor of an even larger cut. (See: MNI INTERVIEW: US Growth, Jobs Poised For Rebound - Miran) 

Miran in an unprecedented arrangement is taking an unpaid leave of absence from the White House while serving out the remainder of Kugler's term. He told senators he would leave his administration job if President Trump renominates him for a full 14-year term to begin in February, though he could also continue to stay on as Fed governor if Trump chooses no new nominee for the new term.