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Fed's Miran says inflation picture has deteriorated — but still favors multiple rate cuts this year
Federal Reserve Governor Stephen Miran suggested on Thursday that he’s become slightly more hawkish because inflation looks a bit stickier and he now sees less reason for accommodative monetary policy than he once did. Miran said the inflation picture has worsened since December, though not so much because of the war in Iran. It’s what he’d seen in the few months before the war broke out. Miran said the underlying composition of inflation has become less favorable. “Some other sectors started contributing more, and so that … makes it a little bit more problematic than it was just at the beginning of the ... (full story)
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Fed's Miran: At this point might only see three cuts for the rest of the year. Fed's Miran: Even before the war, the underlying composition of inflation was getting more problematic for the Fed. Fed's Miran: Still reasonable to expect core goods price and housing inflation to continue to come down. MIRAN PREDICTS THAT 12-MONTH PCE INFLATION MAY REACH THE 2% TARGET WITHIN A YEAR. MIRAN STATES THERE IS NO SIGN OF A WAGE-PRICE SPIRAL EMERGING AND THAT LONG-TERM EXPECTATIONS REMAIN STABLE.
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Iran’s Foreign Minister Araghchi: Passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire. In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran.
