Stephen I. Miran

Notable Quotes

Miran's dual role as both Fed Governor and CEA Chair has no modern precedent and raises independence concerns

from The Fed's great division · Updated Feb 1

Called for 150 basis points in cuts in 2026, citing manageable inflation and jobs concerns

from The Fed's last mile: inflation stuck above target as rate cuts stall · Updated Jan 15

Stories

Fed’s 2025 rate-cut run: three eases, one new playbook, and a president pushing hard

Rule Changes

Serial dissenter pushing for faster and deeper interest‑rate cuts.

In a single year the Fed has gone from peak post‑Covid rates to a clear easing cycle. December's third 2025 rate cut pushes the federal funds range down to 3.5–3.75% and flips the switch on a new operating regime built around full‑allotment repos and steady Treasury bill buying.

Updated 6 days ago

A weakening U.S. job market forces a Fed pivot under a data blackout

Money Moves

Voted for larger 50 bp rate cut in December 2025, citing labor market risks

The Federal Reserve cut interest rates by 25 basis points on December 10, 2025, in a deeply divided 9–3 vote—the most dissents in six years, bringing the funds rate to 3.5–3.75%. Minutes released December 30 revealed the decision was 'finely balanced,' with officials split over whether weak hiring or inflation poses the greater risk.

Updated 6 days ago

The Fed's great division

Rule Changes

Fed Board term expired January 31, 2026; stated he will remain until permanent replacement named

The Federal Reserve held rates steady at 3.5-3.75% on January 28, 2026, in a 10-2 vote that exposed a stunning reversal in internal divisions. Fed Governors Stephen Miran and Christopher Waller dissented in favor of a 25-basis-point cut—the first time two sitting governors have dissented together in decades. Just six weeks earlier in December, the vote split 9-3 the opposite direction: Miran wanted a 50 basis-point cut while Goolsbee and Schmid opposed any cut at all. The December minutes revealed even supporters called that decision "finely balanced." Now the battle lines have shifted entirely, with some hawks turning dovish while the 2026 FOMC voting rotation brought three new hawks—Cleveland's Beth Hammack, Dallas's Lorie Logan, and Minneapolis's Neel Kashkari—replacing Chicago's Goolsbee and Kansas City's Schmid. Miran's four-month term expired January 31, though he stated he will remain until Trump names a permanent replacement.

Updated Feb 1

The Fed's last mile: inflation stuck above target as rate cuts stall

Money Moves

Dissented in December 2025 favoring larger 50bp cut

For the fifth consecutive year, U.S. inflation will finish above the Federal Reserve's 2% target. December's CPI report showed prices rising 2.7% year-over-year—unchanged from November and 0.7 percentage points above the Fed's goal. Core inflation came in at 2.6%, slightly below forecasts. The data confirms what markets already expected: no rate cut at the January 27-28 FOMC meeting, where the Fed will also release updated economic projections.

Updated Jan 15