Latest news with #Mar-A-LagoAccord
Mint
a day ago
- Business
- Mint
Who is Stephan Miran? Did you know Trump's interim Fed pick is the ‘mind' behind his tariffs?
United States President Donald Trump has appointed Dr Stephen Miran as the temporary appointee to the Federal Reserve Board until January 31, 2026, filling the seat left vacant by the surprise resignation of Governor Adriana Kugler. In a statement posted on Truth Social, Trump said: 'It is my great honor to announce that I have chosen Dr. Stephen Miran. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled. He will do an outstanding job.' Miran, 42, is currently serving the US government as the Chairman of the Council of Economic Advisors. He is often credited as the 'mind' behind Trump's economic policies including the tariffs. He has been a prominent figure in conservative economic policy, shaping key financial strategies under Trump since the beginning of the president's second term. Previously, he served in the Treasury Department under Secretary Steven Mnuchin, where he was assigned the position to design the Paycheck Protection Program during the 2020 COVID-19 crisis. Other than serving the U.S. government, Miran has worked as a senior strategist at Hudson Bay Capital Management and senior fellow at the Manhattan Institute for Policy Research. He is known for his strong economic views, such as publicly criticizing the Federal Reserve's pandemic-era stimulus policies. He has also authored 'Mar-A-Lago Accord,' a controversial proposal that suggests dollar devaluation as a way to address the U.S. current account deficit. His economic stance aligns closely with Trump's viewpoints, as he is a strong advocate for not just reciprocal tariffs but also pro-crypto initiatives. Miran earned his bachelor's degree in Economics, Philosophy, and Mathematics from the prestigious Boston University in 2005, and went on to complete a PhD in Economics at Harvard University in 2010. Miran was the son of Dan and Jane Miran who served as civil servants at theSocial Security Administration.
India Today
3 days ago
- Business
- India Today
Who is Stephen Miran? Trump's new pick for Fed governor
US President Donald Trump has appointed Dr. Stephen Miran, the current Chairman of the Council of Economic Advisers, to a vacant seat on the Federal Reserve Board, calling the Harvard-trained economist's expertise 'unparalleled' and his service 'outstanding.'In a statement posted on Truth Social, Trump said: 'It is my great honor to announce that I have chosen Dr. Stephen Miran He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled — He will do an outstanding job.'advertisementMiran will serve on the Fed board through January 31, 2026, as the administration continues to look for a permanent nominee. Trump praised Miran's credentials, noting his Ph.D. in Economics from Harvard and longstanding service in his economic team.'Stephen has a Ph.D. in Economics from Harvard University, and served with distinction in my First Administration,' Trump said, adding, 'He has been with me from the beginning of my Second Term.'John Velis, member of BNY Mellon Markets' global strategy team said "A bit of surprise to nominate Miran – he wasn't mentioned as a likely candidate by markets, although he is likely to be a reliable dove, given his current political position (as Chair of CEA) and his public comments to added by stating that the appointment is temporary. "This is a recess appointment, so it does not need Senate confirmation. As far as I understand about recess appointments, they remain valid until the next session of the Senate is complete."This still doesn't remove the current chatter about Christoher Waller being named Fed Chair to replace Powell." He the Senate confirms Miran, his presence at the Federal Reserve would likely add support for lowering interest rates. At the Fed's July meeting, officials voted to keep borrowing costs unchanged for the fifth straight time, though the decision saw rare dissent from multiple governors, a first in over 30 the Senate acts quickly enough to seat Miran before the Fed's next policy meeting on September 16–17 remains Gardner, who serves as the chief Washington policy strategist at Stifel, told CNN. 'The confirmation process is going to take a couple of weeks, maybe as much as two months,'WHO IS STEPHEN MIRAN?Stephen Miran, a prominent figure in conservative economic policy, is poised to shape key financial strategies under Trump's second term as chair of the Council of Economic Advisors. Previously, he served in the Treasury Department under Secretary Steven Mnuchin, where he was instrumental in designing the Paycheck Protection Program during the 2020 COVID-19 background includes roles as senior strategist at Hudson Bay Capital Management and senior fellow at the Manhattan Institute for Policy Research. He has been a vocal critic of the Federal Reserve's pandemic-era stimulus policies and authored the controversial 'Mar-A-Lago Accord,' which advocates dollar devaluation to address the US current account staunch supporter of reciprocal tariffs and pro-crypto initiatives, Miran's views closely mirror Trump's economic platform. His potential impact on the Federal Reserve could influence not only interest rate policy but also broader financial regulation.- EndsWith inputs from Reuters
Reuters
11-03-2025
- Business
- Reuters
Central bank body BIS flags markets' blessing for European defence spending surge
LONDON, March 11 (Reuters) - Central bank body, the Bank for International Settlements, has refrained from voicing its usual concerns about rising debt, noting markets' positive reaction to Europe's plans to ramp up defence spending in response to U.S. security policy shifts. The central bankers' central bank as the BIS is known, warned in its latest global report that U.S. President Donald Trump's tariffs led to unusually high uncertainty and market volatility, although it still expects the world's economy to avoid recession. U.S. bond yields, the dollar and stocks have all fallen in recent weeks on signs the economy there is now slowing, while Germany's dramatic plans to overhaul its debt limits as part of a wider European increase in defence spending has seen the sharpest rise in its bond yields since reunification in 1990. "Tariffs wrapped in uncertainty are going to be doubly unhelpful," said Hyun Song Shin, economic adviser and head of research at the BIS, referring to both their unpredictable timing and some other policy shifts Trump has made recently. Commenting on the report in briefing with journalists, Shin said tariffs both hurt consumer and business confidence and could stoke inflation, causing a headache for central banks. Asked how the market conditions compared to those during the COVID-19 pandemic and the global financial crisis, he said: "I don't think we are anywhere near that." He said the BIS' "base case" was still for a "soft landing" for the world economy. U.S. stock market volatility gauges, such as the VIX index (.VIX), opens new tab also remain well below levels during those crises, Shin said, while the rise in German and European bond yields had a much more positive feel than the spikes seen early in the year. Whereas the recent spikes in yield were seen as a sign of concern the latest one was accompanied by a strong "risk on" rise in European stocks on the hopes of stronger economic growth in Germany, Europe's largest economy. "It is still very early days but is it is very notable that the rise in the yields is very different in tone." He also refrained from the BIS' traditional warning of potential debt risks. "I think it really depends on the race between the growth trajectory and the debt trajectory," Shin said. "The (German) fiscal announcement could be the harbinger of higher activity." MAR-A-LAGO ACCORD? The BIS report also looked at a number of broader market trends. One section focused on central bank inflation targeting over the last 25 years and increased role other objectives such as employment have played, especially in some advanced economies. Given the BIS acts as forum for the world's top central banks and helps manage their foreign exchange reserves, Shin was also asked how the institution would react to a possible 'Mar-A-Lago Accord'. Floated as modern day version of the 1985 ' Plaza Accord ', economists say Trump could use the threat of tariffs and the lure of U.S. security support to persuade foreign governments to swap their Treasury holdings for cheaper, ultra long-term debt to lower the dollar's value and improve Washington's finances. "The details are still not really fully sketched out so we will need to see," Shin said, adding that there were obvious questions about how other countries would manage concerted sales of U.S. Treasuries. Shin's colleague Frank Smets, a former advisor to the European Central Bank's Executive Board also said that "forward guidance" - the practice where central banks hint at future moves in interest rates - was not going to be very effective in current environment. "You want to move in small steps when you are in an uncertain world," Smets told reporters. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
Bloomberg
26-02-2025
- Business
- Bloomberg
Bloomberg Surveillance: Trump, Nvidia, and Markets
Watch Tom and Paul LIVE every day on YouTube: Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney February 26th, 2025 Featuring: Jim Bianco, president at Bianco Research, joins to discuss the "Mar-A-Lago Accord" that's making waves in financial media, as well as his outlook for rates and the US economy Anastasia Amoroso, Chief Investment Strategist at iCapital, discusses the latest market drawdown and consumer and investor expectations, and how Nvidia earnings could change that Ivan Feinseth, Senior Partner & CIO at Tigress Financial Partners, offers an extended preview of Nvidia earnings Lisa Mateo on newspapers
