Newly minted Federal Reserve (Fed) Board of Governors member Stephen Miran, in a stiff departure from standard Fed rhetoric policy, revealed exactly where his opinion landed in the Federal Open Market Committee’s (FOMC) latest Summary of Economic Projections (SEP). Miran voted for effectively double the amount of basis-point interest rate reductions that the rest of the Fed policymakers negotiated at the latest rate call meeting, a bizarre way to effectively scrub his own vote from the weightings.
Interest rates are set at the majority quarter-point level chosen by Fed voters from one meeting to the next, rather than a range of responses recorded in the SEP.
Miran also pushed back on the suggestion that he exists on the Fed purely to represent the central planning wishes of President Donald Trump, before asserting across the board that Trump’s current policy approach is actually deflationary in nature, and will bolster economic growth, hiring, and tamp down inflation by removing workers from the population and constraining global supply lines, one of the most unique approaches to economic policy interpretation on the Fed Board.
Miran also noted his belief that the Fed should focus less on its mandate to target long-term rate setting, which would represent a significant departure from his own stated intention to bring the Fed’s focus back to its congressionally mandated policy targets.
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Source: https://www.fxstreet.com/news/stephen-miran-confirms-he-was-the-bottom-dot-insists-immigration-policy-is-deflationary-202509191647
