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lite.cnn.com - on gopher - inofficial
ARTICLE VIEW:
Trump gets a Fed win one day after a big setback
By Bryan Mena, CNN
Updated:
1:17 PM EDT, Wed September 10, 2025
Source: CNN
President Donald Trump’s nominee to the Federal Reserve’s powerful
board may soon work alongside the same central banker the president
tried to fire weeks ago, in what would be a stunning milestone in
Trump’s ongoing bid to bend the historically independent Fed to his
will.
In a Tuesday night ruling, a federal judge of Fed Governor Lisa Cook.
The Trump administration said on Wednesday it was appealing.
On Wednesday, Stephen Miran’s nomination to become a Fed governor got
the green light in a procedural Senate committee vote Wednesday. Soon,
all 50 senators will vote on whether to confirm him — a hurdle Miran
is expected to clear in time to join the Fed for its rate-setting
meeting next week.
Trump’s mark on the Fed — and also the US economy — is expected
to become even clearer in the months, or even weeks, ahead. Since the
beginning of his second term, Trump has taken a sledgehammer to the
status quo of American economic policy by enacting historic tariffs and
carrying out an intense pressure campaign against the Fed.
As a result, consumers have grown skittish about the economy’s
future, wary of higher inflation and rising unemployment. For US
businesses, the nagging uncertainty has translated into , calling into
question the true health of the world’s largest economy.
But many of Trump’s significant policy changes have been challenged
in court, including his tariffs; and so far, it’s been a mixed bag of
wins and losses for the president. The Republican-controlled Congress
has delivered mostly wins for Trump, including the passage of his
signature tax and spending bill.
The Fed’s future
At the moment, Cook retains her ability to vote on the Fed’s policy
decisions, with a meeting coming up on September 16-17.
Judge Jia Cobb, an appointee of former President Joe Biden, granted
Cook’s request to stop Trump’s attempted firing of the Fed governor
through a preliminary injunction, writing that the president “has not
identified anything related to Cook’s conduct or job performance as a
Board member that would indicate that she is harming the Board or the
public interest by executing her duties unfaithfully or
ineffectively.”
The Trump administration is expected to appeal the judge’s decision,
which keeps Cook in her role as the litigation proceeds. Trump last
month said he fired Cook, citing unproven allegations of mortgage
fraud, which are now being investigated by the Justice Department.
Meanwhile, the Senate Banking Committee on Wednesday voted to move
forward Miran’s nomination to fill a seat vacated by former Fed
governor Adriana Kugler, who resigned last month without providing a
reason. Miran’s nomination has sparked opposition from Democrats, but
not Republicans, who control the Senate. That means Miran has a solid
chance at being confirmed, despite Democratic opposition.
“By trying to stack the Fed with political loyalists, Trump is laying
the groundwork for even more instability for consumers,” Sen. Mark
Warner of Virginia said in a statement Wednesday. “I strongly oppose
the nomination of Stephen Miran, and I urge my colleagues to reject
this latest effort to politicize the Federal Reserve.”
In written responses to the banking committee, released Tuesday, Miran
said that, if confirmed, he won’t commit to resigning when the
governor term ends in January if a permanent successor hasn’t been
named. When Trump nominated Miran last month, he said it would be a
temporary appointment to finish out Kugler’s unexpired term. Miran,
currently the chair of the Council of Economic Advisers, reiterated
that plan last week during his confirmation hearing.
On Tuesday, he also reiterated that he would take a leave of absence
from his current role if his Fed term is only temporary. Sen. Elizabeth
Warren of Massachusetts on Wednesday called that “a bad joke.”
“He will be sitting down the street from the White House, and he has
refused to disclose any communications he has with the President or the
White House while he’s at the Fed,” she said during the banking
committee’s executive session.
The direction of the US economy
The courts are also determining the fate of the centerpiece of
Trump’s economic agenda.
On Tuesday, the Supreme Court over the legality of Trump’s sweeping
global tariffs. A lower court on August 29 ruled that the bulk of those
levies enabled by presidential emergency powers were unlawful. Now
Trump is requesting the nation’s highest court, which has a
conservative majority, to overturn that ruling.
A decision would normally be expected by the end of June. But in this
case, the court said it would expedite its review.
So far, Trump’s tariffs — many of which are in limbo — haven’t
translated into surging inflation, economic data shows. US inflation
cooled off at the wholesale level in August, released Wednesday.
But the levies have squeezed businesses, especially those in
tariff-sensitive industries.
The construction and manufacturing industries have shed jobs throughout
the year, according to Labor Department data, down 10,000 and 31,000
jobs compared to three months ago, respectively. Business surveys by
the Institute for Supply Management show that manufacturers and service
providers remain frustrated with Trump’s seesawing trade war,
continuing to have a difficult time planning ahead.
“Tariffs continue to wreak havoc on planning/scheduling
activities,” an electronics manufacturer told ISM for its August
survey. “New product development costs continue to increase as
unexpected tariff increases are announced — for example, 50% duties
on imports from India, and increases to all countries up from original
10%”
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