Fed's Miran (dove) on Bloomberg says his need to dissent on 50 bp cuts has become less

Overview of Miran's Statements

Fed's Miran appeared on Bloomberg and shared insights regarding recent inflation data. He highlighted anomalies related to the government shutdown that may suggest underlying inflation pressures are overstated. He emphasized a need for U.S. policy to move in a more dovish manner as a result. Additionally, Miran does not foresee a near-term recession. He acknowledged that as the current policy rate approaches the neutral rate, there will be a need for policy micro-management, warning that neglecting such adjustments could increase recession risks. He conceded that the need for another 50 bp cut at the next FOMC meeting has lessened given the recent policy moves, stressing the importance of being data-dependent going forward.

Future of Economic Policy

Miran referenced the possibility of staying in his position beyond January if no new successor is announced and recognized that he has previously supported major rate cuts. His current stance calls for caution, indicating that the direction of future rate decisions will rely heavily on economic indicators. Given the context of these comments and the lack of specific levels or support/resistance mentioned, further analysis will be essential.