Fed Governor Miran (Q&A) expects growth in second half and early 2026 to improve

ON DISSENT:

• Says it is better to vote for what you believe rather than trying to buttress consensus
• Unless something changes will continue to press for rate cuts, is willing to dissent again

POLICY STANCE:

• Policy is 'considerably restrictive' and a threat to economic momentum
• Better to move to neutral quickly, but is not 'panicked' about state of policy
• He Is focused on lowering inflation and buttressing the job market

ECONOMIC OUTLOOK:

• Expects growth in second half and early 2026 to improve

INFLATION TARGET:

• Any changes in Fed inflation target should only be entertained if target has been achieved

BALANCE SHEET:

• Fed balance sheet swollen on unneeded asset buying
• Fed has done a good job in shrinking the balance sheet

FED INDEPENDENCE:

• Says there is no question Fed had gotten over its skis when it came to politics; Fed got involved in too many areas outside of core mission
• Says President Trump has never asked him to set policy in any certain way