Former Fed Governor Miran Believes Interest Rates Should Remain Unchanged

During his tenure as a Federal Reserve Governor appointed by the U.S. President, Stephen Miran repeatedly advocated for lowering interest rates. Now, he believes that the central bank should at least maintain interest rates at their current level rather than consider raising them. Miran currently states that policymakers should view the current wave of inflation as “transitory”—a viewpoint that put the Federal Reserve in a difficult position a few years ago. However, he points out that this round of inflation is more driven by temporary impacts brought about by the war in Iran, with the monthly negative inflation data observed when oil prices fell in June serving as proof.