Fed's Miran (Voter, Dove) says tax law changes will benefit the economy
Importance
Level 1
- Monetary policy should be attuned to the business cycle.
- Fed independence leads to better policy.
- There is no 100% central bank independence.
- The Fed should keep a distance from topics that are not monetary policy.
- Reasons to think fiscal dominance won't be a big issue.
- Is not worried that tariffs will impair the value of the Dollar.
- Dollar pass-through to inflation is not a main issue.
- Dollar's moves don't have a big impact on monetary policy, have been relatively modest.
- Tariffs allow for lower interest rates over time.
- Ai is impacting the economy, but it is hard to measure.
- Reiterates that tariffs are not a big driver of inflation.
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