Tomorrow is a critical day for Bitcoin (BTC), cryptocurrencies, and global markets. The Fed will announce its September decision tomorrow. While the market is certain that the Fed will cut interest rates, there’s speculation about whether a surprise 50 basis point decision will be made.
It is stated that a surprise decision of 50 basis points could trigger a rise in Bitcoin and altcoins.
As the tense wait continues, Stephen Miran, known for his closeness to US President Donald Trump and nominated for the Fed board, received confirmation from the Senate.
Accordingly, the US Senate confirmed cryptocurrency enthusiast Stephen Miran to serve on the Federal Reserve Board of Governors last night.
In the vote, 48 senators voted in favor of Miran, while 47 opposed his candidacy. This means Miran will attend the highly anticipated FOMC meeting, which begins on Tuesday in Washington, DC.
Miran was recommended by Trump to replace Adriana Kugler, who left the Fed abruptly in August, on the board.
It was reported that Stephen Miran will attend the Fed’s two-day policy meeting, which will begin on Tuesday, after the paperwork is completed and the swearing-in ceremony.
Analysts said Miran was unlikely to cast a decisive vote on a rate cut this week, as FOMC members voted 9-2 to hold interest rates steady at their last meeting in late July.
At this point, analysts predicted that Miran would oppose the policy decision and advocate for a larger rate cut, if not the few percentage points cut Trump is demanding.
Fed Chair Jerome Powell has so far resisted pressure from Trump to cut interest rates, but last month signaled that economic conditions, including uncertainty caused by Trump’s tariffs, might warrant a rate cut at the September meeting.
Miran, a Harvard-educated economist, is the chairman of the White House Council of Economic Advisers and previously served at the Treasury Department during Trump’s first term.
*This is not investment advice.
