Ahead of Fed Meeting, Former Governor Miran Says Rate Hike Would Be ‘Weird'

Stephen Miran, a former Federal Reserve governor, has criticized the prospect of a rate increase ahead of the Fed's upcoming meeting, arguing that doing so would be premature given misleading inflation signals. Miran contends that core PCE inflation readings of 3.3% obscure actual disinflationary progress and therefore shouldn't justify tightening policy at this juncture. His remarks arrive as Bitcoin trades near $80,000, a level some observers tie to broader monetary conditions and risk appetite.

The commentary reflects ongoing debate within policy circles about whether inflation has sufficiently cooled to warrant holding rates steady or potentially moving in the opposite direction.

• Miran disputes using current PCE figures as justification for rate increases, saying the data distorts the true state of inflation.
• A rate hike would contradict the case for monetary easing that some former Fed officials and market participants are building.