Bloomberg Surveillance Bloomberg Surveillance TV: December 22nd, 2025
Dec 22, 2025
Stephen Miran, a Federal Reserve Governor, delves into the intricacies of monetary policy, critiquing the Fed's slow response to cooling inflation and discussing the need for timely rate cuts. Marvin Loh, a Senior Strategist at State Street, analyzes market catalysts and the emerging AI investment cycle, noting the risks of rising global yields. Meanwhile, Patrick McHenry, former Chair of the House Financial Services Committee, explores U.S. policy towards Venezuela and the broader Latin American strategy, emphasizing the importance of effective communication on economic policies.
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Shelter Data Lags Can Mislead Inflation Readings
- Stephen Miran argues shelter inflation measurement lags distort current readings and can create misleading bias.
- He warns against selectively accepting downward bias while ignoring long-running upward biases in other data.
Data Should Push Policy Dovish, Miran Says
- Miran says recent cooler inflation and rising unemployment should prompt dovish policy moves.
- He criticizes the Fed for not reacting dovishly to data that support rate cuts.
Cut Rates To Match Lower Neutral Rate
- Miran says lowering the policy rate now can reduce recession risks from a lower neutral rate.
- He urges the Fed to continue adjusting rates downward to reflect structural shifts in the economy.