Fed Governor Miran Resigns Ahead of Kevin Warsh's Appointment

AI Summary

Fed Governor Stephen Miran submitted his resignation letter on May 14, effective upon Kevin Warsh's swearing-in as the new Chair of the Fed. Miran has been an advocate for lowering interest rates, emphasizing the need for appropriate monetary policy in response to inflation. He highlighted the lag time of 12 to 18 months for changes in Fed policy to affect the economy in a recent interview. His departure creates a position on the Board of Governors for Warsh while Jerome Powell remains pro tempore Chair.