WASHINGTON— Federal Reserve Gov. Stephen Miran said Monday it remains too early to determine how the economic fallout from the U.S.-Iran conflict should affect monetary policy, even as he continued to argue the central bank should keep cutting rates to support a softening labor market.
Reuters reported Miran said it is still premature to draw conclusions about how the energy-price shock tied to the conflict will affect inflation and the broader economy.
Reuters noted Miran’s latest comments are consistent with the stance he laid out earlier this month, when he said the risks from the conflict with Iran were “no reason to delay” continued rate cuts and that early evidence had not changed his outlook for inflation or employment. In a March 4 Bloomberg TV interview, he said it was still appropriate to keep easing because the labor market continued to need support, even after oil prices jumped following U.S. and Israeli strikes on Iran.
The remarks come just days after the Fed left rates unchanged at its March meeting, where Miran again broke with most policymakers and dissented in favor of an immediate cut. News outlets reported last week that Miran was expected to oppose the hold decision, underscoring how his more dovish posture has increasingly stood apart from a broader Fed that is weighing sticky inflation risks—including higher energy prices tied to the Middle East conflict—against signs of labor-market softening.