The Latest Breaking News from Stephen Miran

The Federal Reserve cut its benchmark interest rate by a quarter-percentage point on Wednesday, but the decision was overshadowed by sharp internal dissent and scathing external criticism of one of its governors.

Powell suggested the Fed increasingly sees inflation as less of a threat as the central bank cut its key rate to a range of 3.75% to 4%.

Sen. Elizabeth Warren (D-Mass.) slammed President Donald Trump’s trade and tariff policies for significantly exacerbating the nation’s housing affordability crisis.

President Donald Trump's trade tariffs continue to weigh on the outlook for growth and inflation, raising concerns over how long the Federal Reserve can stick with its planned cycle of interest rate cuts.

Federal Reserve Governor Stephen Miran on Wednesday sharply challenged the widespread view that tariffs are a significant cause of inflation, stating he sees no evidence in the data that they are a “material driver” of rising consumer prices.

December S&P 500 E-Mini futures (ESZ25) are up +0.36%, and December Nasdaq 100 E-Mini futures (NQZ25) are up +0.55% this morning, pointing to a higher open on Wall Street as investors wager that a resilient economy and further rate cuts from the Federal Reserve will continue to underpin corporate earnings.

Fed governor Cook will be able to take part in the remaining two Fed meetings in 2025, including the next meeting of its interest rate-setting committee in late October.

The Supreme Court said the Fed's Lisa Cook can keep her post until it hears arguments in the case about President Trump's attempt to fire her.

By installing Stephen Miran and eyeing more allies, Trump is positioning the central bank for aggressive rate cuts and a sharp break from its tradition of independence.