There’s no ‘material inflation from tariffs,’ says new central banker Stephen Miran

Federal Reserve Governor Stephen Miran was appointed by President Donald Trump to fill a term ending in late January. Daniel Heuer/Bloomberg/Getty Images Washington —

President Donald Trump’s widespread tariffs aren’t boosting inflation, so interest rates should be lowered quickly to prevent America’s labor market from deteriorating, Federal Reserve Governor Stephen Miran said Friday in his first public comments as a monetary policymaker.

The Fed on Wednesday announced a quarter-point rate cut , the first reduction in nine months, in an attempt to prevent unemployment from surging. Fed Chair Jerome Powell in a news conference described it as a “risk management cut,” suggesting the Fed isn’t behind the curve.

Miran, however, disagrees. He was the lone dissenter on the Fed’s late