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Fed Governor Sees Inflation Near Target in 1 Year
Miran says energy shock from Iran war hasn't impacted long-term expectations.
Apr. 13, 2026 at 11:21pm
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A measured Fed approach could help bring inflation back under control without derailing the economy.Washington TodayFederal Reserve Governor Stephen Miran said the energy shock triggered by the Iran war has yet to impact longer-run inflation expectations, and he expects price pressures to return to the central bank's target in a year's time.
Why it matters
Miran's comments suggest the Fed may not need to raise interest rates aggressively to combat inflation, which could have implications for the broader economy and financial markets.
The details
Miran said there is 'thus far no evidence that inflation expectations are higher,' and with the labor market cooling gradually, 'it's very unlikely that we get a sort of wage-price spiral.' He believes the central bank's approach of not responding to the energy shock is 'reasonable' so far.
- Miran made these remarks on Tuesday, April 13, 2026.
The players
Stephen Miran
A governor on the Federal Reserve's Board of Governors.
What they’re saying
“There's thus far no evidence that inflation expectations are higher.”
— Stephen Miran, Federal Reserve Governor
“With the labor market on the trajectory of cooling gradually, which it's been on for about three years now, it's very unlikely that we get a sort of wage-price spiral.”
— Stephen Miran, Federal Reserve Governor
What’s next
Miran's comments will be closely watched by investors and policymakers as they assess the Fed's next moves on interest rates and inflation.
The takeaway
Miran's optimistic outlook on inflation suggests the Fed may be able to take a more measured approach to monetary policy, avoiding aggressive rate hikes that could risk tipping the economy into recession.
