Crypto-friendly Stephen Miran confirmed to vote in this week’s Fed rate cut decision

The Federal Reserve’s two-day policy meeting, where they are widely expected to announce a 25bps interest rate cut, starts today. 

New governor Stephen Miran was confirmed by the senate on Monday to ensure he would be able to participate, and vote, in the meeting. As Trump’s pick, and a sitting White House official, Miran is expected to push for a large interest cut.

However, it looks unlikely that the Fed will announce anything other than a 25bps cut to interest rates. Polymarket has given a 25bps cut a 91% chance whilst a 50bps cut has a 6% chance.

Trump’s desire for the Fed to cut interest rates has been well publicised. He has repeatedly criticised Powell for not cutting rates sooner, describing the Fed governor as a “numbskull”.

Miran is considered crypto-friendly due to public statements that endorse the potential of digital assets and his calls for regulatory clarity. Miran has advocated for a more streamlined approach to oversight, commenting on the need to "streamline a lot of regulations" in the crypto space, which suggests he favors growth over prohibitive restrictions.

Miran also tweeted the popular pro-Bitcoin phrase “Bitcoin fixes this” in 2023. 

He has also criticised the Fed in the past claiming the central bank has drifted into “groupthink” and “excessive monetary accommodation.”

The Fed is likely to be split three ways during the policy meeting with some governors supporting a 50bps cut, some wanting a 25bps cut and others advocating for no change. Powell himself strongly hinted at a 25bps cut during his Jackson Hole speech last month.

The Fed’s policy meeting starts today at an undisclosed time in the Federal Reserve building in Washington D.C. At 2PM EDT on Wednesday 17th September, the Fed will release a policy statement detailing the outcome of their meeting. 

At 2:30PM EDT, Fed Chair Jerome Powell will hold a press conference to elaborate on the decision. This press conference is often very significant for markets as it provides forward guidance on the Fed’s thinking. 

Finally, three weeks after the meeting, the Fed will release the minutes of the meeting. These minutes offer deeper insights into the range of opinions.