Bloomberg Talks Fed Governor Stephen Miran Talks Rates & Outlook For 2026
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Dec 23, 2025 Stephen Miran, a Federal Reserve Governor and economist advocating for rate cuts, shares his insights on the potential recession risks tied to interest rates. He addresses the influence of government shutdowns on inflation data and argues for dovish policy shifts amid cooler inflation trends. Miran emphasizes the importance of dissenting opinions at the Fed to foster diverse discussions. He also critiques the common belief regarding tariffs driving inflation and evaluates potential candidates for future Fed leadership.
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Beware Selective Interpretation Of Inflation Data
- Stephen Miran argues recent inflation prints contain both downward and upward biases that must be acknowledged.
- He warns against selectively accepting data that supports a preferred policy direction.
Lower Policy To Match A Falling Neutral Rate
- Miran says cuts are necessary because the neutral rate has fallen due to shocks like border policy changes.
- He warns failing to lower policy toward the new neutral risks raising the chance of recession.
Speak Up To Prevent Groupthink
- Be transparent and voice your view to avoid groupthink, Miran says.
- He encourages dissent to surface diverse perspectives and reduce complacent consensus.