Overview
- Miran told Bloomberg he is looking for about a point and a half of cuts this year to support a softer labor market.
- He estimates underlying inflation at roughly 2.3% and describes current policy as restrictive.
- His stance aligns with the lowest December dot-plot, which put the funds rate at 2.00%–2.25% by end-2026 versus today’s 3.50%–3.75%.
- His term ends Jan. 31, and he is serving at the Fed while on leave from a White House advisory role to President Trump.
- Other officials have urged caution pending clearer data, and CME FedWatch shows roughly an 12% chance of a cut at the Jan. 27–28 meeting.