Stephen I. Miran

Notable Quotes

Called for 150 basis points in cuts in 2026, citing manageable inflation and jobs concerns

from The Fed's last mile: inflation stuck above target as rate cuts stall · Updated May 20

Miran's dual role as both Fed Governor and CEA Chair has no modern precedent and raises independence concerns

from The Fed's great division · Updated May 18

Stories

The Fed's last mile: inflation stuck above target as rate cuts stall

Money Moves

Dissented in December 2025 favoring larger 50bp cut

For the fifth consecutive year, U.S. inflation will finish above the Federal Reserve's 2% target. December's CPI report showed prices rising 2.7% year-over-year—unchanged from November and 0.7 percentage points above the Fed's goal.

Updated May 20

The Fed's great division

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

Fed’s 2025 rate-cut run: three eases, one new playbook, and a president pushing hard

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

A weakening U.S. job market forces a Fed pivot under a data blackout