Monday, February 9, 2026 at 10:58 PM
Federal Reserve governor Stephen Miran said the dollar would need to register a steeper fall than it already has to affect inflation, and that he does not view the dollar’s weakness as having material consequences on monetary policy so far.
Federal Reserve governor Stephen Miran said he still thinks there is an argument to be made in favor of cutting interest rates, after the better-than-expected January jobs report.
Miran’s resignation ends an unusual dual role he had held since he joined the central bank in September.
The dollar was higher ahead of January’s CPI reading. Morgan Stanley noted that lower-than-expected U.S. inflation data on the back of a strong nonfarm payrolls report had historically driven the largest dollar declines.
Federal Reserve governor Lisa Cook sees a greater threat to the economy from elevated inflation than from a weakening labor market, a stance that suggests she could be skeptical of supporting a return to rate cuts.
