Stephen I. Miran

Money Moves

Dissented at January 2026 meeting favoring a quarter-point cut

Five years into the inflation fight, prices still run above the Fed's 2% target, and the central bank has reversed course to tighten. After cutting rates six times from September 2024 to December 2025, the FOMC voted unanimously on September 16 to raise its benchmark rate a quarter point to 3.75% to 4.00% — the first increase since 2023.

Updated Oct 3

Rule Changes

Fed Board term expired January 31, 2026; stated he will remain until permanent replacement named

The Federal Reserve held rates steady at 3.5-3.75% on January 28, 2026, in a 10-2 vote. Governors Stephen Miran and Christopher Waller both dissented for a 25-basis-point cut — the first time two sitting governors have dissented together in decades.

Updated May 18

Rule Changes

Serial dissenter pushing for faster and deeper interest‑rate cuts.

In a single year the Fed has gone from peak post‑Covid rates to a clear easing cycle. December's third 2025 rate cut pushes the federal funds range down to 3.5–3.75% and flips the switch on a new operating regime built around full‑allotment repos and steady Treasury bill buying.

Updated May 10

Money Moves

Voted for larger 50 bp rate cut in December 2025, citing labor market risks

The Federal Reserve cut interest rates by 25 basis points on December 10, 2025, in a deeply divided 9–3 vote—the most dissents in six years, bringing the funds rate to 3.5–3.75%. Minutes released December 30 revealed the decision was 'finely balanced,' with officials split over whether weak hiring or inflation poses the greater risk.

Updated May 10