Core Viewpoint - Federal Reserve Governor Steven Myron advocates for sharper rate cuts, arguing that current policy is too tight and could negatively impact the labor market and increase unemployment [3][10]. Inflation Measurement - Myron believes that underlying inflation is closer to the Fed's target than commonly perceived, citing that much of the perceived inflation excess is due to measurement quirks [4][10]. - The housing market's lagging measurement of inflation is a significant factor, as rent adjustments occur infrequently, leading to a delayed reflection of current market conditions [5][6]. Contributing Factors to Inflation - Myron highlights that market rents have been growing at about 1% for the past few years, suggesting a downward convergence in shelter inflation is forthcoming [6]. - Imputed prices for non-market services, such as portfolio management fees, have contributed approximately 25 basis points to inflation over the last year, despite a long-term downward trend in actual fees [8][10]. Disagreement with Tariff-Induced Inflation - Myron disagrees with Fed Chair Powell's assertion that tariffs are a major driver of persistent inflation, arguing that he does not see tariffs as significantly impacting inflation levels [11][12].