Summary
CNBC report on the September 17, 2025 FOMC meeting where newly confirmed Trump appointee Stephen Miran dissented for a larger (50 bps) cut while the rest of the committee — including former dissenters Waller and Bowman — voted for the consensus 25 bps cut. Miran also indicated he wanted the Fed to go much lower in 2025 than other members projected.
Key Points
- September 17, 2025: Fed cuts 25 bps; only dissenter is Stephen Miran (for 50 bps cut)
- Miran confirmed by Senate on Monday, September 15; sworn in the same day; voted at his first meeting
- Waller and Bowman — who had dissented for a cut at July’s meeting — aligned with Powell this time
- Miran’s preferred 2025 rate path: much lower than the two-more-cuts consensus
- Trump wanted rate 2-3 percentage points lower than current; Miran’s dot closer to Trump’s preference than anyone else on the committee
- Three of seven Washington-based governors are now Trump appointees: Miran, Bowman, Waller
- Trump fired Governor Lisa Cook; federal appeals court ruled he cannot fire her; White House planning to appeal to Supreme Court
- Miran taking “unpaid leave of absence” from Council of Economic Advisers rather than fully resigning — raises questions about conflicts of interest
Newsletter Angles
- “Three of seven” is the structural story: the board is being reshaped even without Powell being removed. By the time Powell’s term ends, Trump will have appointed a majority.
- The Waller/Bowman pivot (from dissenting against Powell to supporting him) is interesting: were they auditioning in July? Concerned about credibility? Or did the economic picture change?
- Miran’s retention of his CEA role (on unpaid leave) is an institutional red flag — he’s simultaneously a Fed governor and a White House economic adviser, even if technically on leave
- The Lisa Cook firing attempt and court blocking is the clearest test yet of whether presidents can fire Fed governors “without cause” — the Supreme Court appeal will be significant
Entities Mentioned
- Jerome Powell — chair; held consensus together
- Federal Reserve — institution; board composition shifting
- Donald Trump — three appointees on board; fired Cook; demanding lower rates
Concepts Mentioned
- Fed Independence — directly threatened by board stacking and Cook firing
- Stagflation — the underlying economic risk the Fed is navigating
Notes
CNBC reporting. The detail about Miran’s dot plot position (much lower than rest of committee) and his “unpaid leave” from CEA are the most significant analytical elements. The Cook firing / court blocking story is critical context for Fed independence.