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

Newsquawk StaffFederal Reserve newsPublished 25 Mar 2026, 20:32 UTC

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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

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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

Context

Miran’s comments highlight a potential shift in the Fed's stance as inflation measurement issues and a weakening job market suggest the need for policy support. His view that the Fed is currently above the neutral rate and should consider cuts implies a more dovish outlook that could influence market expectations regarding future rate paths and pressures on the USD, especially given the lack of inflationary response to rising oil prices.

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