PRIMER - Today's Fedspeak: Miran

Miran's comments suggest a dovish stance on monetary policy, highlighting the potential for substantial balance sheet reduction and advocating for gradual rate cuts.

Newsquawk StaffPublished 13 Apr 2026, 11:50 UTCOn the live feed at 11:30 UTC — 3 more headlines followed before this page went public

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PRIMER - Today's Fedspeak: Miran

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23:20BST/18:20EDT: Fed’s Miran (voter, dovish dissenter) will speak at the Symposium on Building the Financial System. Speaking at the end of March, Miran said the Fed could shrink its USD 6.7tln balance sheet by USD 1-2tln over time by reducing liquidity demand; he said easing regulations and adjusting tools could support this, with gradual, passive reductions, adding a smaller balance sheet could allow lower interest rates while avoiding market disruption. Miran also noted that financial conditions have tightened, which could weigh on growth, and that policy remains restrictive. He reiterated his view for 100bps of rate cuts this year. On private credit, Miran said concerns were not at a level that would change his view, but is a risk he is aware of.

Context

His emphasis on tightening financial conditions and the restrictive nature of current policy underlines a cautious outlook on growth. This could signal to markets that the Fed may prioritize easing over maintaining high rates, impacting the USD and fixed income markets.

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