Miran Says He Gave Trump Advice on Picking New Fed Chair

Summary

Former Fed Governor Stephen Miran discusses his departure from government and his advice to President Trump on selecting a new Federal Reserve chair. He emphasizes the need for forward-looking behavior, careful analysis of data, and flexibility in using economic models. Miran addresses the appropriateness of his communication with Trump while on the Fed board and notes the president openly shares his rate views.

• Stephen Miran, former Fed governor, recounts leaving the White House and the Fed.
• He shared views with Trump on qualities for the next Fed chair, but no specific names.
• Important qualities: forward-looking, data-driven, and flexible in applying economic models.
• Miran compares economic models to jackets—different ones suit different conditions.
• He says he did not discuss monetary policy with Trump, who publicly favors lower rates.
• Miran is now a senior strategist at Hudson Bay Capital Management.
• The interview contains no investment or trading ideas.