By Jessica Coacci
Federal Reserve governor Stephen Miran reaffirmed his preference for four interest rate cuts this year in support of the labor market despite rising oil prices.
“We shouldn’t be making policy based on short-term headlines,” he said in an interview with Bloomberg TV Monday.
Miran dissented against the Fed’s March decision to hold interest rates steady in favor of a quarter-point cut. The Fed’s target range for the federal funds rate is 3.50% to 3.75%.
Unless longer-term inflation expectations beyond the first year worsen, or rising wages push up prices into core inflation readings, Miran explained that the energy shock could be one to look through.
“The inflation risks have got a little more concerning, but the unemployment risks have gotten more concerning too,” he said.
Write to Jessica Coacci at jessica.coacci@wsj.com
(END) Dow Jones Newswires
03-23-26 0957ET