President Donald Trump announced on social media Thursday that he would nominate his White House economic adviser Stephen Miran to the Federal Reserve Board, in his first bid this term to shape the institution that he has aggressively pushed to lower rates. Miran is the chairman of the Council of Economic Advisers, and Trump said he would serve through Jan. 31, 2026, the end of the current vacancy.

“It is my Great Honor to announce that I have chosen Dr. Stephen Miran, current Chairman of the Council of Economic Advisors, to serve in the just vacated seat on the Federal Reserve Board until January 31, 2026,” Trump posted. “… 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. Congratulations Stephen!” Trump wrote on Truth Social.

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Trump had told reporters this week that he would “probably go with the temp,” indicating he favored a short-term pick rather than naming an heir apparent for Fed Chair Jerome H. Powell, whom he has sharply criticized this year for resisting calls to cut interest rates.

If confirmed by the Senate, Miran would fill a vacancy created by the early departure of Fed governor Adriana Kugler. She had been expected to stay through January, but the Fed said last week that she would leave about six months early. She gave no explanation for her early departure.

Trump’s effort to reshape the Fed comes as his administration also has moved against other career officials seen as insufficiently aligned with his agenda. On Friday, he abruptly fired the head of the Bureau of Labor Statistics after the agency released weak jobs data that Trump has characterized, without evidence, as rigged to make him look bad.

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Miran has played a central role in implementing the White House’s economic and trade agenda. He also has been a critic of a strong dollar. In a 2024 paper, Miran argued that the dollar has been persistently overvalued, making it difficult for the U.S. to trade on level terms with other countries.

As Council of Economic Advisors chief, Miran dismissed concerns that Trump’s tariffs will stoke inflation. “There’s no reason in the data to worry about inflation,” Miran told The Washington Post in an interview this summer, noting that the president began imposing new tariffs immediately after taking office.

More recently, he joined other administration officials in celebrating a string of trade deals and new tariffs as a sign that the uncertainty weighing on hiring and investment was beginning to lift.

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“We’ve been hearing a lot about uncertainty over the last few months, but that’s all resolved now,” Miran told CNN on Friday. “So, it’s all going to get much, much better from here.”

Trump’s decision to pursue a temporary Fed appointment adds an unexpected wrinkle to the broader contest over who will succeed Powell. The choice is a complicated one: Trump may not have another seat to fill anytime soon.

While Powell’s leadership term ends in May, he can remain on the board through early 2028. No other governor’s term expires during Trump’s presidency, and the Fed chair must be selected from the board’s existing members. Though Fed chairs typically step down at the end of their leadership terms, Powell has not said whether he plans to leave.

If Trump wants to nominate someone from outside the Federal Reserve to replace Powell, Miran would have to step down to create an opening, unless another board member leaves.

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Senate Banking Committee Chairman Tim Scott (R-South Carolina) praised Miran’s credentials and said he looked forward “to quickly considering his nomination.” Sen. Elizabeth Warren (Massachusetts), the top Democrat on the committee, criticized the pick. She said in a separate statement that Miran “is a Trump loyalist and one of the chief architects of President Trump’s chaotic tariff policy that has hurt Americans’ wallets and our economy.”

The White House is conducting a separate search for a permanent Fed chair. Contenders include National Economic Council Director Kevin Hassett, former Fed governor Kevin Warsh and current Fed governor Christopher Waller. Treasury Secretary Scott Bessent also was floated as a possible candidate, but Trump said this week that the former hedge fund manager prefers to stay at Treasury and is no longer under consideration.

Waller, who dissented from the Fed’s decision last month to leave rates unchanged for its fifth straight meeting, interviewed with Bessent in recent weeks, according to people familiar with the matter.

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Whoever Trump eventually selects to lead the Fed would face a delicate balancing act: preserving the central bank’s independence while managing pressure from a president publicly demanding lower rates. The next chair is likely to face intense scrutiny from markets and within the Fed, as officials and investors assess whether political loyalty might compromise the institution’s credibility in fighting inflation.