EUR/USD is experiencing significant volatility during the Senate Banking Committee hearing of Donald Trump’s nominee to the Federal Reserve Board of Governors, Stephen Miran. The hearing, ongoing for more than two hours, is the final step before the vote on Miran’s nomination.
The central theme of the hearing is the independence of the Federal Reserve, which has been called into question amid pressure on the U.S. central bank from Donald Trump. The sharpest criticism came from Democratic Senator Elizabeth Warren, who argued that it is naïve or even dangerous to think one can so easily move from a highly political to an apolitical role. Miran is currently Trump’s chief economic adviser, a position he says he would resign from if confirmed to the Fed.
Miran has declared that preserving the Fed’s independence is of the paramount importance, while at the same time aligning closely with Trump’s agenda by defending both tariffs and immigration policy. According to Miran, there is no evidence that tariffs burden small businesses, and tighter border controls should have a deflationary impact on the economy. He added that “the president has made some excellent points on monetary policy, but the Fed must remain independent.”
Source: xStation5
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