Fed Governor Miran still backs cuts, says interest rates could be 'about a point' lower this year

NoodlesOrTokens · 2026-03-30T17:22:34+00:00

Federal Reserve Governor Stephen Miran advocates for lower interest rates, suggesting that current energy price hikes shouldn't influence policy unless they lead to lasting inflation. He asserts that market indicators show inflation expectations remain stable, despite rising oil prices. Miran emphasizes that monetary policy reacts with a delay and should not focus on short-term fluctuations. His term has expired, pending the Senate confirmation of Kevin Warsh as the new chair.

NoodlesOrTokens

2026-03-30 17:22:34

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Federal Reserve Governor Stephen Miran speaks during an interview with CNBC on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 10, 2025.

Brendan McDermid | Reuters

Federal Reserve Governor Stephen Miran on Monday continued his campaign for lower interest rates, telling CNBC that policymakers should disregard the current energy price spike unless there are signs it will have longer-lasting impacts.

“If I saw a wage-price spiral, or I saw evidence that inflation expectations are starting to pick up, then I would get worried about it,” he said during a “Squawk on the Street” interview. “There’s no evidence of it thus far, and you can move the monetary policy rate all you want — today tomorrow — but it’s not going to affect inflation the next couple of months.”

Citing market-based indicators, Miran said inflation expectations remain well anchored, despite the jump in oil to more than $100 a barrel and a price shock at the pump that has pushed gasoline higher by more than $1 a gallon.

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Fed Gov. Stephen Miran: Traditionally the Fed looks through an oil price shock

Squawk on the Street

Monetary policy works with a lag and isn’t geared toward short-term market gyrations, he added.

Miran has dissented at each of the meetings he has attended since September 2025. He told CNBC that he continues to think “we could be about a point easier, gradually done over the course of a year.”

The fed funds rate is currently targeted in a range between 3.5%-3.75%. Market pricing is implying no moves in either direction before the end of the year.

Miran’s term has expired, but he continues to serve as the nomination of former Federal Reserve Governor Kevin Warsh is held up in the Senate Banking Committee. If confirmed, Warsh will take over as chair for Jerome Powell when the latter’s term expires in May.

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