Stephen Miran Steps Down From White House Role, Stays at Fed

Summary

Michael McKee discusses Stephen Miran stepping down from the White House Council of Economic Advisers while remaining at the Fed until a successor is confirmed. McKee says Kevin Warsh is likely to be the successor and that the Street expects him to lean dovish but not push cuts to 1%. The segment also covers Fed confirmation politics, the DOJ investigation into Powell, delayed jobs data from the government shutdown, and Fed communication dynamics.

• Stephen Miran stepped down from his White House CEA role but will stay at the Fed until a successor is confirmed.
• Kevin Warsh is viewed as the likely successor and possible next Fed chair.
• Markets expect Warsh to lean dovish on rates while not endorsing a cut to 1%.
• Warsh's approach to the Fed's balance sheet is seen as a key focus.
• Warsh's confirmation could be complicated by the DOJ investigation into Powell and the Fed.
• The government shutdown delayed the jobs report, with an announcement on timing expected.
• McKee contrasts FOMC communication and dissent dynamics with the Bank of England.
• McKee will interview outgoing Atlanta Fed President Raphael Bostic.