Federal Reserve Governor Stephen Miran said Friday that he doesn’t anticipate President Donald Trump’s tariffs will have an inflationary effect on the U.S. economy.
“I’m clearly in the minority in not being concerned about inflation from tariffs,” he said on CNBC’s “Money Movers.” “But that was also true in 2018-2019, and I think I probably could take a little victory lap about that.”
“There will always be relative price changes, but whether or not it’s inflation that’s macroeconomically significant of the type that monetary policy should respond to is a different question,” he added.
His comments come after the Fed governor was the lone dissenter among 12 Federal Open Market Committee voters from the central bank’s decision Wednesday to slash its benchmark overnight lending rate by a quarter-percentage point, instead calling for a half-point reduction.
When explaining the reason for his decision, Miran said he doesn’t “see any material inflation from tariffs.”
