Miran has been a major defender of Trump’s income tax cuts and tariff hikes. He also has played down the risk of Trump’s tariffs generating higher inflation.

Stocks closed mostly lower, but the Dow trimmed its earlier loss, after President Trump said late Thursday that he would nominate Stephen Miran, chair of the Council of Economic Advisers, to a temporary position on the Federal Reserve Board of Governors.

Miran has emerged as a vocal defender of Trump's economic agenda, particularly the 2025 tax cuts and the broad tariff regime.