Stephen Miran’s departure from the US Federal Reserve Board of Governors will smooth the leadership transition to incoming chair Kevin Warsh, but his exit is unlikely to alter the central bank’s policy trajectory, analysts said. The move is also sparking speculation about what comes next for Miran – a former top economic adviser to US President Donald Trump – with market watchers debating whether he will return to the White House or re-enter the private sector. Miran submitted his resignation as