CEA acting chair Yared steps down after 9 months as Phelan nears confirmation

Pierre Yared, the acting head of the White House Council of Economic Advisers, is stepping down after nine months in the role, President Trump said Tuesday, as the administration's nominee to lead the panel permanently moves through the final stages of Senate confirmation.

Yared, a Columbia University professor of international business, will return to the university, Trump said in a social media post. The president praised Yared and his team of "Brainiacs" at the CEA for working "around the clock to Make America WEALTHY Again — with Great Success!" Trump did not specify Yared's last day.

"Since September, my Council of Economic Advisers has been led by the very highly respected Professor Pierre Yared, of Columbia University," Trump wrote.

Yared had served as deputy to former CEA Chair Stephen Miran before assuming the acting role in September 2025, when Trump appointed Miran to the Federal Reserve Board of Governors. Miran's dual role at the Fed and CEA drew criticism from some lawmakers who said it blurred the central bank's independence. He stepped down from the CEA earlier this year and left the Fed in May to vacate a seat for Kevin Warsh, Trump's newly appointed Fed chairman.

The CEA, a White House office that advises the president on economic policy, has operated without a confirmed permanent leader for the better part of a year. Trump nominated Christopher Phelan, an economics professor at the University of Minnesota and a longtime adviser at the Federal Reserve Bank of Minneapolis, to fill the role on April 21. His confirmation hearing before the Senate Banking, Housing, and Urban Affairs Committee took place around June 25, putting him in the final stretch of the approval process.

During the hearing, Senator Elizabeth Warren pressed Phelan on economic metrics tied to real wages and inflation, according to a person familiar with the proceedings. The exchange offered a preview of the trade-offs Phelan would navigate between price stability and purchasing power if confirmed.

The leadership transition comes as Trump's second-term economy faces competing pressures. Steep tariffs imposed last year and the spring war with Iran have pushed up inflation, while an immigration crackdown has added strains to the labor market. Hiring has held up well, and tax cuts passed last year have supported consumer spending. The artificial-intelligence boom is fueling a wave of corporate investment, providing a tailwind for growth.

For markets, the change at the CEA's helm is unlikely to signal a shift in policy direction. Phelan, if confirmed, would inherit an advisory role focused on translating macroeconomic data into policy recommendations on inflation, wages, employment, and fiscal strategy. The confirmation hearing produced no discussion of digital asset policy, suggesting the administration's senior economic advisory apparatus remains focused on traditional macroeconomic metrics.

This article is for informational purposes only and does not constitute investment advice.