Trump Appoints Stephen Miran As Fed Governor, Replacing Kugler: Dollar Dumps, Gold And Crypto Surge

Update: Trump just confirmed that Miran will serve on the Board until Jan 31, 2026, as replacement for outgoing governor Kugler.

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The dollar dumped, and gold and crypto jumped on a bloomberg report that Trump is preparing to nominate Stephen Miran, current Chair of the Council of Economic Advisers, to serve as a Federal Reserve governor.

Miran, who has already been confirmed by the Senate before taking over as chairman of the Council of Economic Advisors thus speeding up the process, is only expected to serve a term that expires in January, according to the person, who requested anonymity to discuss internal deliberations. As such the nomination is expected to fill the short-term void in the seat vacated by Governor Kugler.

Trump said Wednesday he would likely nominate a temporary governor to fill the seat, rather than a successor-in-waiting for Jerome Powell, who – let’s face it – can’t wait for his term to be officially over.

The dollar, which was already having a bad session, dumped on the news…

… while gold

… and crypto jumped…

… on expectations that Miran will push for Trump’s dovish agenda.