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DALLAS – As Kevin Warsh prepares to take the reins at the Federal Reserve, a newly elevated Trump ally at the central bank is signaling how he believes the job should be done — and how the next chair should navigate a pivotal moment for monetary policy.
Speaking at the Dallas Federal Reserve, Governor Stephen Miran offered simple advice for Kevin Warsh, Trump’s nominee to replace Federal Reserve Chair Jerome Powell.
“Be forward-looking, not backward-looking,” Miran said. “If you’re going to be excessively backward-looking, you’re guaranteed to be behind the curve,” he added.
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In Miran’s view, the current economic backdrop does not justify a strictly data-driven posture, diverging from the data-dependent approach that has defined the central bank under Powell.
“The time for data dependence is when you have enormous uncertainty. I don’t think we have enormous uncertainty.”
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Miran’s comments offer an early glimpse of how one of the Fed’s newest voices views the balance between anticipating economic shifts and reacting to incoming data.
President Donald Trump tapped Miran in August, shifting him from leading the White House’s Council of Economic Advisors to a seat at the world’s most powerful central bank. He joined the board amid mounting turmoil at the Fed, including a legal clash between the Trump administration and Governor Lisa Cook and a Justice Department investigation involving Powell.
Cook’s case is before the Supreme Court and Powell has not been charged with any wrongdoing.
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Warsh’s path to the Fed chair could face delays amid Republican opposition tied to the probe into Powell. Sen. Thom Tillis, R-N.C., has said he will oppose consideration of Fed nominees until the administration concludes its investigation — a stance that carries weight given his seat on the Senate Banking Committee.
With Tillis placing a hold on Warsh’s nomination, forcing it out of committee would require a discharge vote on the Senate floor — a maneuver that needs 60 votes and appears unlikely in a closely divided chamber.
Regardless of the timing of Warsh’s confirmation, Miran’s early remarks signal how the Fed’s policymaking framework and its dynamic with the White House could shift in the months ahead.
