Stephen Miran

I've cherry-picked a quote, forgive me.

I see the status of policy as being only modestly restrictive.

Financial market conditions appear to be easy across many metrics.

When you heard that kind of argument, what was the counterpoint to what he's seeing in markets?

So, Governor, I think I want to give you some time.

I think we should give you some time on a central argument of yours that this year you believe policy is actually passively tightened through 2025.

I don't think that's an argument I've heard many people make.

Can you just spend some time fleshing that out?

What do you mean by that?

You pointed to developments in private credit as well, as evidence that we're restrictive.

Perhaps it was the fault of our peers that this didn't come up much at the news conference.

I was somewhat surprised.

Did it come up much in the meeting, the two-day meeting last week?

Do you think we're missing something here?

Because so many guests come on the program and say it's idiosyncratic, just signs of isolated fraud, not a big deal, not systemic, not broad enough.

Do you share that view?

You certainly ask interesting questions.

Good morning, and thanks for having me.

Look, I think it's important to recognize, first of all, that as you're pointing out, access to high-quality data is of utmost importance when making monetary policy decisions.

However, it's also the case that we don't make monetary policy decisions every day.