Fed’s Miran: Evidence that oil prices feed into core inflation is quite limited
By Agustin Wazne
Date Published: 4 Mar 2026 | Date Modified: 4 Mar 2026
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Stephen Miran, Federal Reserve (Fed) Governor, said that it’s too early to have firm views about the impact the conflict in Iran will have onto the economy in an interview with Bloomberg TV on Wednesday.
Stephen Miran, Federal Reserve (Fed) Governor, said that it’s too early to have firm views about the impact the conflict in Iran will have onto the economy in an interview with Bloomberg TV on Wednesday.
Key takeaways
Too early to have firm views about impact on economy of conflict in Iran.
Evidence that oil prices feed into core inflation is quite limited.
This is different than Ukraine invasion in 2022, because monetary and fiscal policy were both more expansionary.
There is a 2-year trend of labor market weakening, and it is too early to reject that based on one or two months of data.
Markets dont seem concerned about long term inflation expectations.
1 pp of cuts appropriate this year.
If housing inflation decelerates as expected the Fed could undershoot the 2% target.
Appropriate to continue to cut at the March meeting; have not changed the outlook based on the outbreak of conflict in Iran.
Would like to continue with quarter-point cuts until the Fed reaches neutral, then reevaluate.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Canadian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.19% | -0.05% | -0.30% | -0.02% | -0.13% | -0.40% | -0.09% | |
| EUR | 0.19% | 0.14% | -0.11% | 0.18% | 0.06% | -0.21% | 0.10% | |
| GBP | 0.05% | -0.14% | -0.27% | 0.03% | -0.08% | -0.35% | -0.04% | |
| JPY | 0.30% | 0.11% | 0.27% | 0.30% | 0.19% | -0.09% | 0.23% | |
| CAD | 0.02% | -0.18% | -0.03% | -0.30% | -0.11% | -0.38% | -0.08% | |
| AUD | 0.13% | -0.06% | 0.08% | -0.19% | 0.11% | -0.27% | 0.03% | |
| NZD | 0.40% | 0.21% | 0.35% | 0.09% | 0.38% | 0.27% | 0.30% | |
| CHF | 0.09% | -0.10% | 0.04% | -0.23% | 0.08% | -0.03% | -0.30% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
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