Federal Reserve governor Stephen Miran has said that “phantom inflation” is distorting the US central bank’s decision-making and causing it to keep interest rates too high.
Miran, a staunch ally of US President Donald Trump and a vocal proponent of lower rates, said on Monday that when “noise” was stripped out, underlying inflation was close to the Fed’s target.
“We must be thoughtful in considering genuine underlying inflationary pressures,” Miran told an audience at Columbia University. “Excess measured inflation is unreflective of current supply-demand dynamics.”
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