How Two Fed Governors Saw Through the Tariff-Inflation Panic
Back in April, when tariff panic gripped Washington and Wall Street, Federal Reserve Governor Christopher Waller stood nearly alone . While economists warned of a 1970s-style inflation spiral, Waller calmly argued that the new tariffs would create a one-time jump in prices, not a new inflation regime.
By September, newly confirmed Fed Governor Stephen Miran joined the cause with sophisticated quantitative analysis showing monetary policy was roughly 200 basis points too restrictive. Nine months after Waller’s initial call, the latest Summary of Economic Projections (SEP) tells us…
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