Fed's Miran Says Policy Can't Be Made on Short-Term Headlines

Fed Governor Stephen Miran said the Fed should not base monetary policy on recent oil shocks and that officials should wait for incoming data before changing their outlook. His comments convey a data-dependent, cautious stance on inflation risks from energy prices and suggest no immediate move to adjust policy in response to the recent oil-led price moves.

Analysis

Fed Governor Stephen Miran said the Fed should not base monetary policy on recent oil shocks and that officials should wait for incoming data before changing their outlook. His comments convey a data-dependent, cautious stance on inflation risks from energy prices and suggest no immediate move to adjust policy in response to the recent oil-led price moves.