{"id":348209,"date":"2025-09-17T15:34:21","date_gmt":"2025-09-17T20:34:21","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2025\/09\/17\/one-of-these-is-not-like-the-others-messages-from-the-fomc-sep\/"},"modified":"2025-09-17T15:34:21","modified_gmt":"2025-09-17T20:34:21","slug":"one-of-these-is-not-like-the-others-messages-from-the-fomc-sep","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2025\/09\/17\/one-of-these-is-not-like-the-others-messages-from-the-fomc-sep\/","title":{"rendered":"One of These Is Not Like the Others \u2013 Messages from the FOMC SEP"},"content":{"rendered":"

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FOMC votes to reduce the Fed funds rate by 25bps with one dissent<\/a> (Stephen Miran, on loan from CEA), who argued for 50 bps decline.<\/p>\n

\"\"<\/a><\/p>\n

Source: Federal Reserve Board, 9\/17\/2025<\/a>.<\/em><\/p>\n

I put in a question mark, but really, there\u2019s no doubt who is at the low end for the appropriate policy rate.<\/p>\n

This is despite the fact that Miran believes (in line with the Troika forecast) in much faster growth:<\/p>\n

\"\"<\/a><\/p>\n

Source: Federal Reserve Board, 9\/17\/2025<\/a>.<\/em><\/p>\n

The top end (one observation in 2026, 202y7) growth rates are slightly below the y\/y growth rates listed in the Troika forecast<\/a>. So, once again, Miran\/Administration are out-of-step, forecast-wise<\/a>.<\/p>\n

Overall, you can see Miran\u2019s position:<\/p>\n

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Source: Federal Reserve Board, 9\/17\/2025<\/a>.<\/em><\/p>\n

In general, Miran holds pretty funny views relative to others \u2014 with GDP growth much faster and inflation lower. I guess he\u2019s still holding out for that supply-side miracle.<\/p>\n

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