Miran, top Fed advocate for rate cuts, turns the page
View original at finance.yahoo.comMiran, top Fed advocate for rate cuts, turns the page Fed Governor Stephen Miran, President Donald Trump’s top ambassador for drastically lowering interest rates since joining the central bank last fall, is moving on…
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Changes in Federal Reserve monetary policy take roughly 12 to 18 months to affect the economy, which sets limits on what price changes the Fed should be concerned about today
60% confidenceLower interest rates support hiring but can fuel inflation and risk an inflationary spiral; higher rates cool prices but can weaken the job market and increase borrowing costs that stifle economic activity
60% confidenceSupply shocks such as the Iran War's oil price surge may push up individual prices in the short term but the Fed should only care about ongoing upward trends in prices, not one-off events; anticipating supply shocks requires forecasting more supply shocks
60% confidenceThe Federal Reserve has biases in the way it measures inflation, and if it does not adjust for these errors, it will run unemployment higher than necessary by fighting fake rather than real inflation
60% confidenceIf a higher tariff is going to boost clothing prices today, there is nothing monetary policy can do about that price increase
60% confidence
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