Core Views - The newly confirmed Fed Governor Steven Myron expresses a differentiated view on inflation, stating that there is no material inflation from tariffs and no evidence supporting that tariffs are driving inflation higher [2][3][4] - The Governor highlights that changes in border policy have been significant inflation drivers, particularly in the housing market, where an influx of immigrants can lead to increased shelter prices [5] Economic Indicators - The Governor notes that the supply of homes is relatively fixed in the short run, and significant population shocks can lead to price increases in shelter [5] - There are reports of negative net migration, with approximately 1.5 million migrants leaving the United States in the first half of the year, which is expected to exert a disinflationary effect [6] Monetary Policy Outlook - The Governor was an outlier in the recent voting and dot plot, advocating for five cuts this year, while most committee members expect one or two more cuts [7] - A forthcoming speech will provide a detailed account of the Governor's economic views, including the arithmetic and economics behind his position on monetary policy [8]
Federal Reserve Governor Stephen Miran: I don't see any material inflation from tariffs
Youtube·2025-09-19 15:28