.jpg)
20 hours ago
2
Article content
(Bloomberg) — Federal Reserve Governor Stephen Miran said he expects Kevin Warsh, President Donald Trump’s pick to lead the central bank, will prove effective in his leadership of the Fed’s monetary policy committee.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
“He’s had a long history of convincing people about his arguments, and so I think as a result, he’s going to be treated with a lot of respect,” Miran said Friday in an interview with CNBC. “I think people are going to find him very persuasive, because at the end of the day, I think a lot of his views are really right, which is lower rates.”
Article content
Article content
Article content
Trump announced earlier Friday he intended to nominate Warsh to replace Jerome Powell when his term as chair expires in May.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Miran said he dissented against the Fed’s decision this week to hold rates unchanged because he views underlying inflation as close to the central bank’s 2% target.
Article content
“Almost all of the inflation excess over target is due to two very specific quirks of how we measure inflation,” Miran said, pointing to technical issues related to how housing and portfolio management fees are incorporated into inflation readings.
Article content
“It’s not real inflation, it’s fake inflation,” he said referring to the impact of those two factors. “Once you make these adjustments, you look at market-based core, ex-housing, it’s running at 2.2%. That’s within noise of our target. So there is no inflation problem.”
Article content
Some economists expect the core version of the Fed’s favored gauge of price pressures, which excludes food and energy, ended 2025 at 3%. Most Fed officials have judged rates should remain steady for some time in order to bring inflation lower.
Article content
Miran, who joined the Fed in September after being appointed by Trump, said he expected the White House would use his seat to install Warsh on the Fed’s Board of Governors.
Article content
“It’s the only one available,” he said of his spot on the board. “One thing is sure, and that is that I’ll remain in my current seat until my successor is confirmed. Presumably, at the moment, that’s chairman-designate Warsh.”
Article content
Miran’s term expires Saturday, but he’s entitled to remain in his post until the Senate confirms another nominee to his seat.
Article content
(Updates with additional Miran comments paragraph.)
Article content
English (US)