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Fed's Miran says inflation is due to population increases
By Joshua Gibson
Date Published: 8 Oct 2025 | Date Modified: 8 Oct 2025
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Federal Reserve (Fed) Board of Governors member Stephen Miran added further to his own comments on Tuesday, expressing his belief that inflation itself is simply a cause of "population increases".
Federal Reserve (Fed) Board of Governors member Stephen Miran added further to his own comments on Tuesday, expressing his belief that inflation itself is simply a cause of "population increases".
Key highlights
Neutral rate has been buffeted by huge and unusual population shocks.
Monetary policy needs to ease to get ahead of shift down in the neutral rate.
I'm optimistic on growth.
Drag from uncertainty is abating.
Financial conditions are not just driven by monetary policy.
Housing matters more for the economy than the equity market.
The US financial conditions are driven mostly by domestic factors.
I don't expect capital flows to the US to decline.
Shelter is the key driver of inflation.
I don't want to move the goal posts on the inflation target.
In the longer run, it's hard to micromanage to an exact level of inflation.
The size of the Fed's balance sheet is downstream of the regulatory system.
We need to right-size regulation, then we can discuss the balance sheet.
I still think banking regulations are too tight.
I have not spoken to anyone about being Fed chair.
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