Fed’s Miran Says His View On Inflation Will Change Only If A Shock Pushes Rents ‘Materially Higher’: Report

At the September FOMC meeting, when the central bank reduced the key rate by 25 basis points, Federal Reserve Governor Stephen Miran expressed dissent and voted for a larger 50-bps cut.
White House Council of Economic Advisers Chairman Stephen Miran walks towards the West Wing of the White House after conducting television interviews on the North Lawn on August 12, 2025 in Washington, DC.
White House Council of Economic Advisers Chairman Stephen Miran walks towards the West Wing of the White House after conducting television interviews on the North Lawn on August 12, 2025 in Washington, DC. (Photo by Andrew Harnik/Getty Images)
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Rounak Jain·Stocktwits
Updated Oct 03, 2025   |   11:19 AM GMT-04
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Federal Reserve Governor Stephen Miran on Friday reportedly said he will adjust his view on inflation only if a shock pushes rents “materially higher.”

In an interview with Bloomberg on Friday, Miran underscored that his opinion on the Fed’s monetary policy direction is not set in stone. At the September meeting of the Federal Open Market Committee (FOMC), when the central bank slashed the key rate by 25 basis points, Miran expressed dissent and voted for a larger 50-bps cut.

“If something were to happen that were to tell me that that channel is invalidated, that there’s some shock that’s going to be pushing rents materially higher, the benign inflation forecast that I have would have to be adjusted as a result,” Miran said in the interview.

While Miran was the sole dissenter during the September FOMC meeting, he stated that his projections for the Fed’s policy rate until the end of 2026 are not significantly different from those of the other committee members. “All that’s different is the fact that I want to get there a little bit faster,” he said, adding that a part of his job is to bring “out-of-consensus” ideas to the table, and he will continue to do so.

In September, during the Senate Banking Committee’s confirmation hearing, Miran stated that the independence of monetary policy is critical for its success. When asked by Democratic Senator Andy Kim if Miran was asked to commit, either formally or informally, to vote in support of lower interest rates, he said “no.”

He reiterated this in the interview on Friday, stating that he had not talked to President Donald Trump since his congratulatory call in September, post his Senate confirmation, and that the President had not asked him to take any specific monetary policy action.

Meanwhile, U.S. equities gained in Friday morning’s trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 0.37%, while the Invesco QQQ Trust (QQQ) rose 0.1%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘neutral’ territory.

The iShares 7-10 Year Treasury Bond ETF (IEF) was down 0.11% at the time of writing.

Also See: Goldman CEO David Solomon Warns Of Stock Market ‘Drawdown’ Over Next 2 Years, Similar To ‘Dotcom Bubble’ Era: Report

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