On December 10, 2025, Stephen Miran voted to cut rates at the Federal Reserve.
He is also Chairman of the Council of Economic Advisers.
No one has held both positions since 1935, when Congress specifically prohibited it to protect Fed independence.
Nine days earlier, the Fed ended QT.
Eleven days later, it began buying $40B/month in Treasury bills.
The Treasury issues bills to fund long-bond buybacks. The Fed buys those bills. Long-duration debt becomes short-duration debt becomes central bank reserves.
The economic effect is debt monetization. The political presentation is "reserve management." Gold is up 70% this year. The dollar is down 10%. The markets know. The institutions won't say it.
The Federal Reserve stopped being independent on December 1, 2025. They just forgot to tell you.
