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Fed's Miran resigns from White House job

BY Reuters | ECONOMIC | 07:17 PM EST

WASHINGTON, Feb 3 (Reuters) - Federal Reserve Governor Stephen Miran resigned on Tuesday from his position as chair of the White House's Council of Economic Advisers, a ?White House spokesman said.

Miran's resignation was first reported by Barron's.

Miran ?had been on unpaid leave from his CEA ?post since President Donald Trump ?appointed him ?last year to fill an unexpected vacancy on the Fed's ?Board of Governors with ?a term expiring January 31.?

"I promised the Senate that if I should stay ?on the Board past ?January, ?I would formally depart the Council," Miran said in his resignation letter dated Tuesday and ?reviewed by Reuters. "I believe it is important to stay true to my word while I continue to perform the job at the Federal Reserve to which you and ?the ?Senate appointed me."?

Though his term as governor is expired, Miran can serve in his ?current role until a successor is confirmed by the Senate.

Trump on Friday announced plans to nominate former Fed governor Kevin Warsh as the next chair of the central bank, presumably to the Fed ?Board seat that Miran currently occupies.

(Reporting by Trevor Hunnicutt and Jasper Ward in Washington and Ann Saphir in San ?Francisco; editing by Dan Burns and Sonali Paul)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

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