Bloomberg Talks Federal Reserve Governor Stephen Miran Talks Kevin Warsh, Fed Rates, Jerome Powell
Jan 30, 2026
Stephen Miran, a former Federal Reserve Governor who focused on monetary policy and inflation measurement, discusses Fed confirmation timing and Kevin Warsh's credibility. He explains why he moderated a dissent and how broader labor indicators show cooling. He also talks about inflation quirks, balance sheet shrinkage, and what helps build consensus at the Fed.
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Staying On Until A Successor Is Confirmed
- Miran notes his Fed term expired but law lets him stay until a successor is confirmed, a common practice.
- He compares his six-week confirmation to the unknown timeline for Kevin Warsh's confirmation.
Gradual Cuts After Progress
- Stephen Miran believes rates are still too restrictive but slower 25bps cuts are now appropriate after prior cuts.
- He moved from wanting 50bps to supporting gradual quarter-point cuts due to prior easing and mixed labor data.
Inflation Overstate From Measurement Issues
- Miran argues core inflation overage largely reflects measurement quirks in portfolio management fees and shelter.
- Adjusting for those gives market-based core ex-housing around 2.2%, near target and not signaling overheating.