Fed's Miran hopes Powell staying at Fed is transitional - Fox Business

By Michael S. Derby

May ‌8 (Reuters) - Federal ​Reserve Governor ​Stephen Miran said on Friday that he hopes current central bank Chair Jerome Powell will stay on ‌as a governor only for a short period of time.

“Transitions ⁠are important,” Miran said on Fox Business Network's program 'Mornings with Maria'. But, ‌he said, “I think it's important ‌to make sure that it's a transition period and that there's nothing sort of more nefarious” going on with Powell staying ​in his governor role when his term as chair ends on May 15.

Kevin Warsh is on track to succeed Powell ⁠as Fed leader pending a vote in the Senate.

Powell said last week in the ​wake of the latest Federal Open Market Committee meeting that after the conclusion of his leadership term, he ​would continue to serve for a ‌time in his governor role that extends until 2028, while waiting to see if the Trump administration's ⁠legal attacks on the central bank, widely derided as political in nature, end.

While Powell's extended presence on the Fed's board could provide a counterweight ⁠in favor of the status quo amid Warsh's plans for changes at the ​Fed, the outgoing leader said last week "I'm not looking to be ... a high-profile dissident or anything like that."

Miran said, "It's important to make sure it's ‌a transition period, and not that there's a division of loyalty within the Fed" and "that people are ‌unsure who's in charge." He added, "that's why I think it's important, ⁠even though it could be ‌helpful for a transition, ​that we make sure it's a transition period."

(Reporting by Michael S. Derby; Editing by Susan Fenton and ‌Chizu Nomiyama )

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