Miran Won’t Explain His Dissent in Writing, Breaking With Fed Tradition

Fed governor Stephen Miran. (Daniel Heuer/Bloomberg)

Key Points

About This Summary

• Stephen Miran, a new Fed governor, broke with tradition by not issuing a written dissent after arguing for a larger rate cut.
• Miran, appointed by Trump, favored a half-percentage point cut, while the other 11 members voted for a quarter-percentage point reduction.
• Miran plans to explain his views in a speech at the Economic Club of New York, saying a written dissent would be too short.

Stephen Miran, the new Federal Reserve governor appointed by President Donald Trump, is pressing for far steeper interest-rate cuts than his colleagues, and signaled on Friday that he will push for them at the central bank’s next meeting, before new economic data comes in.

At this week’s policy meeting, Miran dissented in favor of a half percentage point rate reduction, while Chair Jerome Powell and the other 11 members of the rate-setting committee opted for a quarter-point cut, the Fed’s first since 2024.

Traditionally, Fed dissents are explained in written statements released after the meetings. Miran said he won’t be issuing one. “A written dissent would be too short. I want to give full accounting for my views,” Miran told Barron’s. Miran will speak Monday at the Economic Club of New York and plans to detail his arguments then.

In an interview Friday on CNBC, Miran indicated he would try to persuade colleagues to support deeper cuts at the Fed’s next policy meeting in six weeks, effectively setting his position well in advance of the inflation, jobs, and economic data due before then. He also confirmed he was the policymaker behind a projection calling for more than a full percentage point of cuts this year, far more than expected by his colleagues.

“People usually write these dissents that are like a page long,” he said on CNBC when asked about his views. “I’m going to walk through a lot of the economics and a lot of the arithmetic and the math and that’s going to take a full speech to do. We’re going to get a full accounting of that on Monday,” he said.

Miran did give a preview of his thinking. He argued tariffs aren’t fueling inflation and said recent border policy changes, which have reduced new migration, will have a “very disinflationary effect.”

Trump appointed Miran to a temporary seat that came open this summer. That term expires in January, and Miran probably will have only three more votes during his time as a Fed member, though he may hold his seat if a replacement isn’t chosen by then. His appointment comes as Trump seeks to gain control of the central bank’s independent board.

Miran rejected accusations that he is carrying out the president’s wishes, calling the idea “silly.” He said Trump called him only once, to congratulate him on joining the Fed, and that he didn’t discuss policy with him. Miran also said he would resign from his post at the White House if asked to stay beyond his temporary term.

An appeals court ruled Monday that Lisa Cook, also a Fed governor, may stay on the board while her legal challenge is heard to Trump’s decision to fire her over allegations that she committed mortgage fraud. She denies the charges. Miran said on Friday that Cook and other board members treated him kindly during this week’s policy meeting.

Write to Matt Peterson at matt.peterson@dowjones.com and Nicole Goodkind at nicole.goodkind@gmail.com.