Stephen Miran, governor of the Federal Reserve, said on Friday that he would not expect President Donald Trump's tariffs to have an inflationary impact on the US economy.
“I am clearly in the minority not to worry about the inflation of tariffs,” he said about CNBCS “Money Movers”. “But that was also true in 2018-2019, and I think I could probably bring a little round of victory over it.”
“There will always be relative price changes, but whether it is inflation or not, the macroeconomic of the type to which monetary policy should react is another question,” he added.
His comments come after the fed of the sole dissent of the sole dissent of the Open Market Committee was from the central bank's decision on Wednesday, his benchmark overnight to reduce a quarter -language point and instead request half a point reduction.
When Miran explained the reason for his decision, he said that he “had no material inflation of tariffs”.
“I don't see any evidence that it has occurred,” said the political decision -maker and pointed out the lack of difference in the inflation rates between the core goods and general core goods. “If you believe that tariffs are driving inflation higher, you would think that imports would inflate differently at a higher pace.”
Miran also quoted “no recognizable trend difference” between the US nuclei goods and that in other countries. “If I thought that the tariffs in the United States were doing a material inflation, I would look for evidence,” he continued.
Most measures, however, show that inflation is above the 2% goal of the Fed this year, and the forecast of the full committee indicated that it only returned to this level in 2028.
In the second half of the year, Miran expects growth to become stronger because he said that economic headwinds like uncertainty about Trump's trade and tax policy would have weaker in the first half than he was hoped for. He also believes that Trump's immigration policy decreases in the economy.
“If you recently insert millions of new immigrants to a country in a short time, it will increase protection prices,” he said. “If you close this limit and then have negative debt migration … it will have a very disinflationary effect.”
The Senate confirmed Miran on Monday, the day before the political meeting of this week, the Fed Board of Governors. He was selected by President Donald Trump in August to fill the seat of the former governor Adriana Kugler after her resignation.
Miran is to serve on the board for the rest of Kugler's term, which runs on January 31, 2026. During a hearing on confirmation hearing at the beginning of this month that he would take unpaid leave of absence from his position as chairman of the White House Council of Economic Advisors, while he was more of the term of office as completely.