Overview

• Speaking at a Managed Funds Association event in New York, Stephen Miran said the muted bond-market reaction to September’s cut signals support for a rapid pace of easing.
• He reiterated his September dissent for a 50-basis-point reduction after the FOMC opted for 25 basis points and continued to push for larger moves.
• Miran forecast cooling shelter inflation as market rents feed into official gauges, citing population and immigration shifts, and urged a forward-looking policy approach.
• He argued the neutral rate has declined, which he said makes today’s stance more restrictive than it was a few quarters ago.
• Miran called U.S. government statistics the gold standard but warned of deterioration from lower response rates and shutdown-related delays, stressing that public trust in unbiased data is vital as agency leadership faces political scrutiny.