## Miran: No Inflation Worries from Trump Tariffs
Federal Reserve Governor Stephen Miran doesn’t believe President Trump’s tariffs will cause inflation in the U.S. economy. Here’s a breakdown of his views:
- Tariffs and Inflation: Miran stated he doesn’t see material inflation from tariffs, citing a lack of evidence in import-intensive goods compared to overall core goods. He also noted no significant difference in U.S. core goods inflation compared to other countries.
- Dissenting Vote: Miran was the lone dissenter in the recent FOMC decision to cut the benchmark overnight lending rate by a quarter percentage point, advocating for a half-point reduction.
- Economic Outlook: Miran anticipates stronger growth in the second half of the year, attributing weaker first-half growth to uncertainties around trade and tax policies.
- Immigration and Disinflation: He believes Trump’s immigration policies will have a disinflationary effect, particularly due to their impact on housing prices.
- New Role: Miran was recently confirmed to the Fed Board of Governors and will serve the remainder of Adriana Kugler’s term, which ends in January 2026.
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