“The White House has been aggressively pushing Dr. Miran’s nomination to the Federal Reserve Board, setting the stage for his quick confirmation when the Senate returns in September,” said a White House official Tuesday. “With the President’s strong backing, there’s clear momentum to get this done.”

Miran has emerged as a vocal defender of Trump's economic agenda, particularly the 2025 tax cuts and the broad tariff regime.

Trump has used the renovation project as both a literal and symbolic example of what he has often described as government waste. Speaking to reporters last week, Trump called the construction effort “a disgrace,” and accused Fed officials of overspending at a time when inflation remains high and interest rates are biting into household budgets.

In an unusual visit to the Federal Reserve, President Donald Trump once again said that interest rate cuts were needed and firing Chair Jerome Powell wasn't "necessary."

Trump’s feud with Powell isn’t new. For months, the president has criticized Powell, whom he appointed the role in 2017, for refusing to drop interest rates. The Fed raised interest rates in 2022 and 2023 during former President Joe Biden’s administration as a response to inflation.

Trump stated he has selected three or four potential candidates for the next Federal Reserve chair and intends to disclose their names shortly.

It seems clear that Trump would like to sack Jerome Powell if he could only find a constitutional cause. Why, and what would it mean for financial markets?