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Fed's Miran Says Dollar Needs 'Really Big Move' to Affect Inflation
ECB Unlikely to React to Short-Lived Slowdown in Inflation, Nagel Says
Published on Feb. 10, 2026
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Federal Reserve governor Stephen Miran said the dollar would need to register a steeper fall than it already has for it to become a first-order issue that would affect consumer inflation. Meanwhile, President Trump said the U.S. economy could grow by at least 15% with Kevin Warsh in charge at the Fed. The European Central Bank is unlikely to take action in the event that inflation falls below target for a short-lived period, according to ECB rate-setter Joachim Nagel.
Why it matters
The comments from Fed officials and the ECB provide insight into their views on the impact of the dollar and inflation on monetary policy decisions. This is important as central banks navigate the current economic environment and try to balance their goals of price stability and economic growth.
The details
Miran said he does not view dollar weakness as having material consequences on monetary policy so far, stating "You need a really big move for it to sort of really be a first order issue that would really affect consumer inflation in the United States." Meanwhile, Trump suggested the economy could grow 15% if Kevin Warsh was appointed as Fed chair, though he did not specify the timeframe or metric. Nagel, an ECB rate-setter, said the central bank is unlikely to react to a short-lived decline in inflation below its 2% target, as forecasts show inflation rebounding over the medium term.
- On February 10, 2026, Federal Reserve governor Stephen Miran made comments about the dollar's impact on inflation.
- On February 10, 2026, President Trump discussed the potential for 15% economic growth with Kevin Warsh as Fed chair.
- On February 10, 2026, ECB rate-setter Joachim Nagel spoke about the ECB's likely response to a short-lived decline in inflation below target.
The players
Stephen Miran
A governor of the Federal Reserve.
Donald Trump
The President of the United States.
Joachim Nagel
A rate-setter at the European Central Bank and the President of the Bundesbank.
Kevin Warsh
A former Federal Reserve governor who was nominated by President Trump to be the next Fed chair.
What they’re saying
“You need a really big move for it to sort of really be a first order issue that would really affect consumer inflation in the United States.”
— Stephen Miran, Federal Reserve Governor
“If he does the job that he's capable we can grow at 15%.”
— Donald Trump, President of the United States (Fox Business)
“While consumer prices are set to fall below the bank's goal of 2% in the coming years, forecasts show inflation rebounding to target over the medium term.”
— Joachim Nagel, ECB Rate-Setter
The takeaway
The comments from Fed and ECB officials suggest that central banks are closely monitoring the impact of the dollar and inflation, but are not overly concerned about short-term fluctuations as long as their medium-term targets remain achievable. This provides insight into how policymakers may approach monetary policy decisions in the coming months.
