MARCH 25, 2026 AT 08:12 PM
Fed's Miran (voter) says inflation side of mandate has been so problematic due to measurement issues; job market has been in an extended streak of getting weaker; economy could use additional support from monetary policy
Importance
Level 1
- Oil price surge has "spooked" people.
- Central banks usually should look through oil shock.
- Doesn't seen wage price spiral forming.
- Market inflation expectations thus far unmoved by oil surge.
- "Zero bleed through" of oil shock into inflation expectations.
- Raised headline inflation projection this year to 2.7% on oil shock.
- Fed is about 1% over neutral rate; Fed should cut toward the neutral rate this year.
- Sees lower neutral rate than colleagues but not that far out of alignment