★Fed's Miran Says War Hasn't Changed Inflation Outlook 12-18 Months Out

The Big Market Report Take

Federal Reserve Governor Stephen Miran's assertion that geopolitical conflicts haven't shifted the 12-18 month inflation outlook, implying a rationale for interest rate cuts, is a significant signal from within the Fed. This perspective, coming from a policymaker, suggests that despite global instability, the internal view at the Fed might still lean towards easing monetary policy if domestic data supports it. For investors, this reinforces the narrative that the Fed remains focused on its dual mandate, and external shocks are being filtered through the lens of their impact on the medium-term inflation trajectory. The key thing to watch now is whether other Fed officials publicly echo this sentiment, or if Miran's view remains an outlier, as the market tries to gauge the true consensus on future rate moves.