I’m running low on fake Donald Trump astonishment.

After a while, there’s something disingenuous about pretending to be surprised (or aghast or otherwise appalled) at norm-breaking behavior from a man who makes flouting decorum a point of pride.

Moreover, Trump in most cases doesn’t understand what’s decorous, what isn’t and why. Even when he does, he tends to equate all things respectable with a nebulous “establishment” which in his paranoid delusion is out to get him. So, if it’s decorous — and “it” in this context can be a policy, a person or anything else — it’s automatically bad, wrong or worse, part of a sprawling conspiracy.

We know that. We also know Trump wants rate cuts. Really, really badly, and as soon as possible. And we know that Adriana Kugler resigned last week. We also know that Stephen Miran has an econ PhD from Harvard and we know he’s already been through the Senate confirmation process once, which means Senate Republicans will fast-track him for the empty Fed Board seat.

Another thing we know is that despite being a real economist, Miran’s heterodox in many respects, which is to say he counts as indecorous, even as he surely wouldn’t describe himself that way. Finally, and most importantly, Miran’s a sycophant, even as he surely wouldn’t like that description either.

So, yeah, Trump picked Miran to replace Kugler. And yeah, that means the architect of the infamous “Mar-a-Lago Accord” will almost surely sit on the Fed Board for a couple of months. And yeah, that also means Jerome Powell will be in the awkward position of having to include one of his sharpest pubic critics, and a Trump world insider, in policy deliberations, at least until January.

If you’re surprised by this, I don’t know what to tell you. The two Kevins (Hassett and Warsh) are jockeying for Powell’s position, Scott Bessent wants to stay at Treasury and Miki Bowman’s already on the Board. So’s Chris Waller. And it wasn’t like Trump was going to solicit recommendations for serious — i.e., decorous — candidates to sit in for Kugler. Of course he was going to pick someone from his inner-circle. Who else was it going to be? Kristi Noem’s too busy.

Some observers might’ve assumed Hassett or Warsh would fill the seat while they wait to become Chair. Or that one of the two would get Kugler’s seat, effectively handing the Chair nomination to the other one. Or something.

The idea that Powell isn’t going to step down from the Board next May, when his term as Chair ends, seems far-fetched to me. He could theoretically insist on serving out his term as a regular Board member, but we all know that’s not tenable. Assuming he does step down, Trump would have two governor seats: Kugler/Miran’s and Powell’s. At that point, he could put Warsh and Hassett on the Board, giving him three Chair options: Hassett, Warsh and Waller.

In the meantime, all you need to know is that Miran’s “a Trump loyalist,” as Elizabeth Warren put it, and that makes him qualified, in Trump’s eyes, to fill any open role in government.

Obviously, Miran as governor seals the deal on cuts in September and December. Presumably, Waller and Bowman would dissent again if the Fed doesn’t cut at next month’s meeting, and assuming the Senate confirms Miran by then, he’d dissent against a hold too. Three governor dissents is a total non-starter. So, cuts it is. Go ahead and price September at 100%.

Meanwhile, Waller’s reportedly gaining on Hassett and Warsh in the race to take Powell’s spot. That’s according to Bloomberg. I guess I might end up owing ol’ Chris an apology for suggesting he didn’t have a shot.

The “problem” with Waller is that he actually is a respectable choice, which I assumed rules him out for the big seat job. If Waller gets the nod, I won’t have to fake astonishment, I’ll actually be astounded that someone was able to persuade Trump to pick a man who, obsequious or not, absolutely counts as an “establishment” pick.

Godspeed Chris. “Fed Chair Hassett” might be the death of us all.