Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.

Good morning. Today is Friday, August 8th, and I'm your host, Kim Khan, filling in for Julie Morgan.

President Donald Trump nominated Stephen Myron, chairman of the Council of Economic Advisors,

to serve as a Federal Reserve Governor until January 31, 26.

The President had said he'd likely nominate a temporary governor to fill the seat

rather than someone who would eventually be elevated to Fed Chair.

Myron, if approved by the Senate, will serve the remainder of Adriana Coogler's term.

In the meantime, we continue to search for a permanent replacement, Trump wrote on Truth Social late Thursday.

He will do an outstanding job.

Last week, Cougler said she'd stepped down from the Fed Board as of August 8th to resume her professorship at Georgetown University.

Myron has been a critic of the Fed in the past and also popularized the

Mar-a-Lago Accord planned for a weaker dollar. Pepperstone strategist Michael Brown says the nomination

reinforces what we were all thinking already, namely that we now have a much more political

Fed and a much less independent Fed than we've seen for many, many decades. Naturally, that's

going to continue to pose a structural headwind to the dollar,

while in turn likely also boosting gold, as capital outflows from the states continue.

Myron will have little to know credibility in the eyes of most market participants,

including me, given that he will likely have pledged to vote for sizable rate cuts

in order to have been nominated to fill the position, Brown said.

Hence, we know that it will almost certainly be the most dovish dot in the September summary

of economic projections, and will probably be voting in favor of the largest cutting

you plausibly make a case for at the meeting as well. James Fishback, CEO at investment firm

...