Miran Says a Transition at the Fed Is Important

Summary

Federal Reserve Governor Stephen Miran discusses the importance of a smooth transition at the Fed as Jerome Powell remains on the Board of Governors after his term as chair ends. Miran emphasizes the need for clear leadership and undivided loyalty during such transitions.

• Powell stays on as a Fed governor after his chair term expires.
• Miran notes Powell did not tell him in advance about the plan.
• Miran compares the transition to his own experience with former CEA chair Jared Bernstein.
• He stresses transitions are important and should have one clear leader.
• Miran says having a former chair provide advice can be helpful.
• He warns against rival factions and unclear lines of authority.