Overview

• At a Managed Funds Association event, Stephen Miran said the muted bond-market reaction to September’s cut supports a faster pace of easing.
• Miran, who dissented for a 50 basis-point move last month and projects additional half-point cuts, voiced confidence that shelter inflation will cool.
• He argued the neutral rate has fallen, making current settings more restrictive than widely assumed, and said policy should be forward-looking.
• Miran stressed the critical importance of central bank independence while serving on unpaid leave from a White House economic role with a Fed term through January 2026.
• Fresh Reuters analysis notes inflation near 2.7% and a divided FOMC, with some officials warning services inflation may persist as the Fed weighs next steps with key data delayed by the shutdown.