economy
March 6, 2026
Fed Governor Miran says job losses in February add to the case for more interest rate cuts
Miran said in a CNBC interview that the Fed should be focusing more on supporting the labor market than worrying about inflation.
TL;DR
- Governor Stephen Miran believes the February jobs report (a loss of 92,000 nonfarm payrolls) supports cutting interest rates.
- Miran argues the Fed should focus on labor market support rather than inflation worries.
- He stated, "I think that we don't have an inflation problem."
- Miran believes inflation is measured inaccurately and that the Fed's current policy is too restrictive.
- He advocates for a neutral interest rate stance, which he estimates to be about a full percentage point lower than the current target range.
- Miran has dissented at recent FOMC meetings, preferring larger rate cuts than approved.
- He cited portfolio management fees and oil price surges as factors that can inflate headline inflation without indicating underlying pressures.
Continue reading the original article