You have probably heard about this reshuffle within the Federal Reserve. Stephen Miran has just left his position as Chair of the Council of Economic Advisers at the White House to focus entirely on his role at the Federal Reserve Board of Governors. It’s an interesting move that reflects the growing tensions between the executive branch and the U.S. central bank.

In fact, Miran had promised the Senate during his confirmation last September that he would resign if his term at the Fed extended beyond the temporary period planned. His term officially expired at the end of January, and he kept his word. In his resignation letter addressed to Trump, he reminded that federal law requires Board members to dedicate themselves full-time to their duties. Although he took a leave of absence from his White House position to join the Fed, he deemed it important to honor his commitment.

What is particularly revealing is the context. Trump is actively reshaping the Federal Reserve right now. The nomination of Kevin Warsh as Jerome Powell’s successor was announced shortly afterward, and Powell himself is now facing a criminal investigation opened by the Department of Justice regarding his testimony before Congress. This is serious.

Politically, things are getting complicated. Thom Tillis, the senior senator from North Carolina, stated he would block any nomination to the Fed until this investigation into Powell is resolved. His position on the Senate Banking Committee gives him considerable influence. It’s clear that the dynamic between the administration and the central bank has become extremely tense.

Miran’s resignation symbolizes this growing friction. On one side, the White House is seeking to exert more influence over monetary decisions. On the other, the Fed is trying to maintain its institutional independence. These personnel moves are never insignificant; they reflect much larger issues for U.S. economic policy.