Trump’s pick for the Fed ‘fuels an existential threat’ as central bank independence is targeted, JPMorgan says

(Credit: Stefani Reynolds—Bloomberg/Getty Images)

• President Donald Trump’s appointment of Stephen Miran as Federal Reserve governor represents more than the addition of a dovish voice at the central bank. It could signal an intention to amend the Federal Reserve Act and diminish policymakers’ independence, according to analysts at JPMorgan, who said the Fed may respond by sounding more dovish, too.

The Federal Reserve could be getting more than another dovish vote with the appointment of Stephen Miran as governor.