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Stephen Miran, member of the Federal Reserve Board of Governors, has dissented in two consecutive Fed FOMC meetings since his joining the Board in September 2025, preferring to cut by 50 basis points (0.50%) instead of 25 basis points (0.25%). Governor Miran joins Monetary Matters today to explain in detail his reasoning for why he thinks considerably lower interest rates are appropriate. Tariffs, fiscal policy, immigration, weakening labor market. Recorded on November 4, 2025.

Governor Miran’s speech on September 22, 2025, “Nonmonetary Forces and Appropriate Monetary Policy”:

https://www.federalreserve.gov/newsevents/speech/miran20250922a.htm

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Full unedited (other than for form) transcript of this interview: https://docs.google.com/document/d/1vaZ8-ArOIdDKnnkeoxp92nMBq52aXxNA/edit?usp=sharing&ouid=113485899782770300642&rtpof=true&sd=true

Note: in Jack’s introduction, he makes an incomplete remark where he says Miran was “appointed by President Trump.” In actuality, Miran was nominated by Trump, and approved by the Senate.

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