Trump nominated Stephen Miran, the chair of the Council of Economic Advisors and a Harvard Ph.D, on Aug. 7 to serve as temporary Fed governor, filling the opening left by Adriana Kugler’s unexpected resignation. Kugler, a labor economist, announced that her surprise resignation would take effect Aug. 8.

Stephen Miran, a close adviser to the president who is likely to become a governor at the central bank, has pushed for a weak dollar and lower interest rates.

JPMorgan Chase & Co.’s top U.S. economist now expects the Federal Reserve will cut interest rates three times in 2025, beginning with a 25-basis-point cut in September.

J.P.Morgan now expects the U.S. Federal Reserve to cut interest rates by 25 basis points at each of its next four meetings, bringing the policy rate to 3.5%, it said in a note on Thursday, as the labor market and broader economy show signs of slowing.

JPMorgan reportedly expects the U.S. Federal Reserve to lower interest rates by 25 basis points in September, compared with its earlier forecast of a rate cut in December. According to a Reuters report,