Stephen Miran, Donald Trump’s pick to fill a recently vacated seat on the Federal Reserve (Fed) Board of Governors, vowed that he would resign from the Council of Economic Advisors (CEA) if confirmed by Congress to take a spot at the Fed. Miran was also selected by Trump to take a seat on the CEA.
Miran declared that he would help steer the Fed away from “straying from its mandates”, though Miran was not immediately forthcoming on exactly how the Fed has strayed from its dual mandate of supporting employment and maintaining price stability.
Miran also stated that there has been no measurable impact on inflation from Trump’s tariffs, and that Trump’s tariffs were actually disinflationary, a bizarre economic policy stance that runs counter to all available data.
Key highlights
Fed independence is of paramount importance for the economy.
The President nominated me for the Fed board because he likes my policy views.
If confirmed for this role, I will act independently.
The Fed needs a process to think about the regulation cost-benefit.
The Bureau of Labor Statistics (BLS) data on various measures have deteriorated steadily.
I believe the BLS was complacent in letting the data deteriorate.
There is no detectable increase in aggregate prices from tariffs.
It is important in economics to hear a wide variety of views.
If confirmed, I’ll push back on the Fed straying from its mandate.
Miran declines to say he’d advise Trump not to fire Fed members.
The Fed doesn’t control the long end of the yield curve.
I don’t know what will happen if I go to the Fed.
If nominated for a longer Fed term, I would resign from the CEA.
Nobody asked me to pledge to vote for rate cuts.
On the concept of replacing all Fed governors: My idea was part of a broader checks-and-balances plan.
Trump’s variety of policies is quite disinflationary.
Border policy can relieve pressure on rents.
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