- Federal Reserve Governor Stephen Miran stated there is no evidence that tariffs are causing higher inflation.
- Miran made the comments during a CNBC appearance after a recent Fed interest rate cut.
- The Fed reduced interest rates by 25 basis points, setting the new range at 4%-4.25%, the lowest since December 2022.
- The U.S. consumer price index rose 2.9% annually in August 2025, the fastest pace this year, with inflation forecasts remaining high.
- Many U.S. officials continue to debate the impact of tariffs that began in April, while the Fed plans two more possible rate cuts this year.
Federal Reserve Governor Stephen Miran said on Friday that there is no clear proof tariffs have led to a rise in U.S. inflation. He made these remarks during a televised appearance on CNBC.
The statement came after the Fed voted to lower its benchmark interest rates by 0.25 percentage points, moving the target range to 4%-4.25%. This is the lowest range since December 2022. In its latest press release, the Fed noted moderated economic growth and a slowdown in the job market.
Miran addressed claims that the tariffs, first started by the U.S. government in April, were a direct cause of increased inflation. “I see no evidence that it’s occurred,” he said, rejecting accusations that tariffs are driving consumer prices higher. The most recent figures show that the Consumer Price Index increased by 2.9% annually in August 2025, marking the fastest inflation rate since January 2025.
Officials within the U.S. government remain divided about the effects of these trade tariffs. Some support the view that tariffs have contributed to ongoing inflation, while others disagree. Forecasts indicate inflation may keep rising throughout the rest of 2025, especially with several tariffs still active.
Miran is known as an ally of U.S. President Donald Trump, who has consistently pushed for more aggressive interest rate cuts. During the most recent vote, Miran was the only member opposing the 25 basis point cut, preferring a larger reduction of half a percentage point.
According to the Fed’s latest projections, known as the “dot plot,” two additional rate cuts may be possible before the end of the year. The Fed also reported slower job growth and a slight increase in the unemployment rate, although it remains low. The central bank acknowledged that inflation remains “somewhat elevated” compared to earlier this year.
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