Trump Replaces Chief of Staff Susie Wiles With Stephen Miller

This is a major internal power shift in the White House, and it lands at a moment of maximum political weakness: Trump is reshuffling staff after losing both chambers of Congress, which suggests the adjustment is less about governing than about consolidating control. The elevation of Miller, a hardline policy figure, signals a more confrontational posture from the administration's core. For markets, the near-term read is uncertainty around personnel stability and policy direction, with Hegseth's security the only explicit anchor. The open question is whether further staffing changes follow, and what Miller's promotion implies for the administration's legislative and regulatory priorities.