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Investing.com -- Federal Reserve Governor Stephen Miran stated Friday that he does not see any material inflation resulting from tariffs, positioning himself as a minority voice on this issue among Fed officials.
"I’m clearly in the minority on tariff impact on inflation," Miran said during an appearance on CNBC. He noted that "there are cross-currents in import prices, including USD" and emphasized that the "aggregate price level is what matters for Fed policy."
Miran, who revealed that the low-dot rate projection in recent Fed forecasts was his, described the current Fed rate as "quite far from neutral" and "quite restrictive." He suggested that "getting to neutral half point at a time is reasonable."
Regarding economic growth, Miran expressed optimism, stating, "I think growth will be better in the second half of the year." However, he added that the "implications of growth pickup for Fed policy aren’t big" as he sees "potential growth picking up with actual growth."
The Fed Governor also addressed immigration policies, noting they would have a "disinflationary effect" and pointed out that job market revisions "showed job market was not as strong as thought."
When discussing his role at the Fed, Miran described it as "only a four, four-and-a-half month job" but indicated he would leave his position at the Council of Economic Advisers (CEA) if former President Trump wanted him to stay at the Fed.
Miran confirmed that Trump called him Tuesday morning to congratulate him but said they "didn’t talk about how I would vote at Fed" and haven’t spoken since the Fed meeting. He emphasized that Trump "didn’t ask me to commit to any particular actions."
On the Fed’s balance sheet, Miran characterized focus on it as a "symptom rather than cause" and stated he doesn’t "think Fed should be engaging in credit allocation."