Federal Reserve Governor Stephen Miran continued his campaign for lower interest rates on Monday, telling CNBC that policymakers should disregard the current rise in energy prices unless there are signs it will have a longer-lasting impact.
“If I saw a wage-price spiral or signs that inflation expectations were starting to rise, then I would be concerned about that,” he said during a “Squawk on the Street” interview. “So far there is no evidence of this and you can change the key interest rate all you want – this morning – but it will not affect inflation for the next few months.”
Citing market-based indicators, Miran said inflation expectations remained well anchored despite oil prices rising above $100 a barrel and a price shock at the pump that pushed up gasoline prices by more than $1 a gallon.
Monetary policy works with a lag and is not geared to short-term market fluctuations, he added.
Miran has disagreed at each of the meetings he has attended since September 2025. He told CNBC that he continued to believe “we could get to a point more easily, gradually over the course of a year.”
The key interest rate is currently targeted at a range between 3.5% and 3.75%. Market prices suggest that there will be no movement in one direction or the other before the end of the year.
Miran’s term has expired, but he remains in office as former Federal Reserve Governor Kevin Warsh’s nomination is stalled in the Senate Banking Committee. If confirmed, Warsh will take over as chairman from Jerome Powell when his term expires in May.
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