Fed Governor Stephen Miran warned on Monday that “unnecessarily tight” interest rates could lead to job losses and that excess inflation above the Fed’s target is due to lagging shelter inflation.
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“Shelter inflation is indicative of a supply–demand imbalance that occurred as much as two to four years ago, not today,” Miran said in prepared remarks for a speech at Columbia University. “Given monetary policy lags, we need to make policy for 2027, not 2022.”
*This is a developing story. Stay tuned for additional updates*
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