Fed's outgoing Miran does believe that PCE inflation, particularly with housing, and will converge down to normal levels and reiterates his rate cut calls based on the lag of monetary policy

Miran's comments suggest a notable shift towards a more dovish stance from the Fed, emphasizing the belief that PCE inflation will normalize, particularly in the housing sector. This reiteration of rate cut expectations highlights concerns over the lag effects of monetary policy, potentially influencing market sentiment towards a lower rate path, which could weigh on USD and impact broader asset classes.