Stephen Miran, the new Federal Reserve (Fed) governor appointed by Donald Trump to replace the resigned Adriana Kugler, asserted this Friday that he sees no signs that tariffs are driving inflation.
“I don’t see any significant inflation stemming from tariffs. I don’t see evidence that it’s happening,” Miran stated during an interview with CNBC, reported by Europa Press.
He also declared himself part of “a minority that is not worried about tariff inflation,” while, on the contrary, predicting that Trump’s anti-immigration policies will have a “markedly disinflationary effect.”
Miran was sworn in last Tuesday so he could attend the following day’s rate-setting meeting on time. At that meeting, he advocated cutting rates by 50 basis points, making him the only dissenting voice from the majority opinion, which leaned toward a quarter-point cut.
Miran was nominated by the Republican president on September 2 and confirmed by the US Senate on Monday to fill the remaining four months of Kugler’s term. Kugler joined the Fed after taking an unpaid leave of absence from his position as chairman of the White House Council of Economic Advisers.
Trump chose Miran to alter the composition of the Federal Open Market Committee (FOMC) and increase the likelihood that the institution would cut interest rates at all costs, which would lower the government’s borrowing costs and boost economic activity.
