Trump Names Stephen Miller White House Chief of Staff After Republicans Lose Both Houses in the Midterms

With Congress lost, the White House can still move policy through executive action on immigration, tariffs and foreign policy. Miller's appointment puts the official most associated with that approach in charge of the process. For investors, executive-order policy is faster but easier to reverse, and it faces more lawsuits. That raises the volatility of tariff schedules, sanctions and enforcement. Immigration enforcement also reaches the Federal Reserve through labor supply, because fewer available workers keep wage growth firm. The precedent is the period after the 2018 midterm loss, when the administration turned to executive measures and a 35-day government shutdown over border-wall funding. The desk's read is that within weeks the White House issues new executive actions on immigration and trade, and that from January it fights subpoenas from the new majority. That depends on Miller using the post to drive policy, not to manage negotiations with Congress. An early budget or immigration deal with Democratic leaders would prove this read wrong.