Stephen Miran (Trump's Fed Nominee)
- Pleased with current BLS inflation data, calling it “well behaved.”
- Argues there’s no evidence of tariff-driven inflation; core CPI items like car prices and airfares are unaffected.
- Sees rent inflation partly as the result of illegal immigration; expects disinflation in services if policy changes.
- Emphasizes importance of Fed independence but supports further monetary easing.
- Known for favoring a weaker dollar and looser monetary policy.
Donald Trump
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app- Intensifies public criticism of Fed Chair Jerome Powell, demanding aggressive interest rate cuts.
- Raises the prospect of lawsuits surrounding Fed building management.
- Argues Powell was “too late” in easing policy; advocates for faster, deeper rate cuts.
Barkin (Richmond Fed President)
- Warns that inflation risks remain unresolved, with job market and consumer spending still uncertain.
- Highlights consumer fatigue from higher prices; warns that a spending pullback could threaten the economy.
- Suggests the Fed should remain cautious and data-dependent.
The latest statements from Miran, and Trump reinforce a possible dovish shift in the US monetary policy narrative. On the other hand, Barkin’s caution signals that the Fed is in no hurry to lower interest rates, while Miran’s nomination introduces a voice favoring further easing and a weaker dollar. Trump’s vocal pressure on the Fed for lower rates magnifies the expectation that monetary conditions will soon loosen. Collectively, these developments point to increased downward pressure on the US dollar, especially as the market anticipates possible Fed accommodation following September’s meeting. Market participants should watch for a softer dollar into the autumn, with risks tilted towards further easing if economic momentum falters.
EURUSD is higher today after mixed CPI reading and dovish comments from the new Fed nominee. Moreover, Trump resumes attacks on Jerome Powell which may put further pressure on the dollar. Source: xStation5
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
