The fastest in history! Milan confirmed as a member of the Federal Reserve Board and will be in time for Tuesday's interest rate decision

Trump's economic advisor Stephen Miran has officially joined the Federal Reserve as a governor. On Monday evening local time, Miran, nominated by Trump for the Federal Reserve governorship, was confirmed by a final vote in the Senate. This means he will be able to participate in the Federal Open Market Committee (FOMC) meeting starting Tuesday and will have voting rights. The market widely expects the Federal Reserve to cut interest rates by 25 basis points at this meeting. However, Miran's addition may change the voting dynamics, as he is considered to potentially support a cut of 50 basis points or more, aligning with the White House's calls. This appointment comes as the Trump administration continues to pressure the Federal Reserve to significantly ease monetary policy. Meanwhile, the White House is also attempting to legally block another governor, Lisa Cook, from attending this week's meeting. Miran will fill the vacancy left by Adriana Kugler, who departed in August, with a term ending in January 2026. Voting the Day After Confirmation? The Fastest in History The timing of this confirmation vote is unusually tight, creating the possibility for Miran to participate in the FOMC meeting, but it also presents procedural challenges. Generally, the entire process from Senate approval to official swearing-in and sitting at the FOMC table typically takes several days. If Miran can complete all procedures before the Tuesday meeting starts, he will set a historical record. According to an analysis by Barron's, no Federal Reserve governor has ever participated in a rate-setting meeting the day after confirmation since the implementation of the Banking Act of 1935. The previous fastest record was set by H. Robert Heller in 1986, who was confirmed on a Saturday and attended the meeting starting the following Tuesday. It is still unclear whether Miran will be able to submit his economic forecast summary in time to be included in the materials released after the meeting. Concerns Over Federal Reserve Independence Intensify Miran's addition comes at a time when President Trump is openly pressuring the Federal Reserve. Earlier on Monday, Trump posted on social media platform Truth Social, using the nickname he gave to Federal Reserve Chairman Jerome Powell, stating, “'Too Late' must cut rates immediately, and more aggressively than he thinks.” Trump has consistently called for interest rates to be lowered to 1%, a level typically seen only during economic crises, aimed at stimulating growth and reducing government borrowing costs. In terms of policy inclination, Miran is seen as a figure who could push for more aggressive rate cuts, shifting from "hawkish" to "dovish." The mainstream market expectation is a 25 basis point cut, but if Miran and officials like Waller vote for a 50 basis point cut, it could spark more intense debates within the FOMC and introduce uncertainty into the final policy decision. As an ally of Trump, Miran's nomination has raised concerns about whether he can maintain the independence of the Federal Reserve. Senate Minority Leader Chuck Schumer explicitly expressed opposition on Monday, stating: "Mr. Milan's nomination is bad news for every American suffering from Trump's disastrous economic agenda. He will only be Trump's mouthpiece at the Federal Reserve." Previously, Milan also stated at the confirmation hearing that he plans to take an unpaid leave of absence from his position as chairman of the White House Council of Economic Advisers during his tenure at the Federal Reserve, but will retain that position. This arrangement contradicts a research report he co-authored for the Manhattan Institute, which called for measures to prevent the "revolving door" phenomenon between the White House and the central bank. The Battle for Board Seats Unfolds Simultaneously As Milan officially enters the Federal Reserve, a legal battle between the White House and another current board member, Cook, is also intensifying. Trump fired Cook last month on allegations of mortgage fraud, which she denies. Last week, a federal judge temporarily blocked Trump's firing order, paving the way for Cook to attend this week's FOMC meeting. In response, lawyers from the U.S. Department of Justice have filed an emergency motion with the appeals court to suspend the lower court's ruling before Monday to prevent Cook from attending. The multi-front struggle for board seats has made this week's FOMC meeting not only an economic decision regarding interest rate direction but also a political focal point concerning the independence of the Federal Reserve and the future personnel landscape