The United States President Donald Trump announced the nomination of Dr Stephen Moran, who has served as the Chairman of the Council of Economic Advisors, to serve as a board member for the Federal Reserve. Dr Moran will replace Adriana Kugler, who issued her resignation before the expected end of tenure in January 2026.
President Trump noted that Dr Moran will serve as a Fed board member until January 31, 2026. In the meantime, President Trump has continued to narrow down on a permanent replacement in addition to another person to replace the current Fed chair.
“In the meantime, we will continue to search for a permanent replacement. Stephen has a Ph.D. in Economics from Harvard University and served with distinction in my First Administration. He has been with me from the beginning of my Second Term, and his expertise in the World of Economics is unparalleled,” Trump noted.
Why Bitcoin and Crypto Market Rebounded on the Moran’s Fed Appointment
Bitcoin price led the wider altcoin market in bullish rebound on Thursday following a string of positive high-impact news. The crypto market followed the Gold price in bullish sentiment during the past 24 hours, signaling a potential parabolic crypto summer ahead.
The appointment of Dr Moran to the board of the Federal Reserve has coincided with a rate cut by the Bank of England to 4 percent. Notably, the Trump administration has been pressuring the Fed to cut its benchmark interest rates to spur economic growth in the country to no avail in the past six months.
As a result, President Trump highlighted that the nomination of a new Fed chair is in the pipeline. Ultimately, the ongoing Fed changes are expected to yield a rate cut possibly in September 2025.
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