Watch CNBC's full interview with Fed Governor Stephen Miran

Core Views - Newly confirmed Fed Governor Steven Myron expresses a differentiated view on monetary policy, advocating for a 50 basis point cut instead of the quarter-point cut favored by the majority of the committee [2][12][8] - Myron argues that there is no material inflation from tariffs, as import-intensive core goods have not inflated at a higher rate than overall core goods [3][4] - He believes that recent changes in border policy have been significant inflation drivers, with a potential disinflationary effect due to negative net migration [5][7] Monetary Policy Insights - Myron's perspective includes a belief that the current monetary policy is too restrictive, which could lead to risks in meeting the employment mandate [19][42] - He plans to provide a detailed accounting of his economic views in an upcoming speech, emphasizing the need for thoroughness in his analysis [9][16] - The Fed's current policy is seen as appropriate by Chair Powell, who indicates that there was not widespread support for a more aggressive cut [11][12] Economic Growth and Labor Market - Myron anticipates better economic growth in the second half of the year, attributing earlier weaknesses to uncertainties around trade and tax policy [22][23] - He acknowledges recent revisions indicating a weaker labor market than previously thought, which raises concerns about the risks of a restrictive monetary policy [41][42] Balance Sheet and Interest Rates - Myron discusses the size of the Fed's balance sheet, suggesting that it should be determined by the regulatory regime rather than as a target in itself [47] - He expresses that the Fed should not engage in credit allocation across sectors, maintaining focus on its mandates of maximum employment and stable prices [48] Tariffs and Inflation - Myron challenges the notion that tariffs are driving significant inflation, arguing that the burden of tariffs is often borne by exporters rather than U.S. consumers [52][54] - He emphasizes that relative price changes do not equate to macroeconomically significant inflation that would warrant a monetary policy response [59][60]