Fed's Miran submits resignation from Fed board; effective on or shortly before Kevin Warsh's swearing in as Chair

The resignation of Fed board member Miran, timed with the anticipated swearing-in of Kevin Warsh as Chair, suggests potential shifts in policy direction. This move could be viewed as hawkish, depending on Warsh's stance, impacting market expectations around rate paths and the dollar's strength. Traders should watch how this transition influences fixed income and FX markets, particularly if it alters perceptions around the Fed's future guidance.