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Investing.com -- Federal Reserve Governor nominee Stephen Miran expressed satisfaction with current inflation trends during a CNBC interview Tuesday, stating he’s "very happy to see that inflation continues to be well behaved."
Miran, who currently serves as Chair of the Council of Economic Advisers and is President Trump’s pick to fill an open governor seat at the Federal Reserve, said there is "no evidence whatsoever of tariff-induced inflation" despite recent import tariffs.
The nominee noted that while there will always be "relative price changes," there is "no evidence of inflation at the aggregate level."
When discussing housing costs, Miran attributed rising rent prices to a "massive insurge of renters" which he specifically linked to illegal immigration. He also stated there has been "no material increase in new car inflation."
Addressing economic data collection, Miran said the President is "dead right" in wanting to fix statistics, suggesting that "incentive schemes" could drive response rates higher. He also noted that CPI data "rarely gets revised."
Miran emphasized that the "independence of the Fed is of paramount importance" but declined to comment on current interest rate policy. He also claimed that tariffs "will be borne by foreign countries."
The comments follow Tuesday’s release of July’s Consumer Price Index, which showed prices rose 0.2% for the month and 2.7% year-over-year, slightly below economists’ expectations of a 2.8% annual increase.