Fed’s Miran on Supply Shocks, Policy, Central Bank Tenure

Federal Reserve Governor Stephen Miran discusses his tenure, focusing on the impact of deregulation as a positive supply shock and the disinflationary effects of declining population growth. He emphasizes monetary policy lags and argues for rate cuts despite near-term inflation, and advocates for a smaller Fed balance sheet to avoid fiscal entanglements. - Miran reflects on his internal reception at the Fed, noting cordial interactions. - He highlights deregulation as an underappreciated positive supply shock for the economy. - Miran argues declining population growth is disinflationary, lowering neutral rates and shelter inflation. - He stresses monetary policy lags of 12-18 months, urging the Fed to look through oil supply shocks. - Miran voted for rate cuts at every meeting and continues to favor cuts. - He favors a smaller Fed balance sheet to avoid fiscal policy overlap.