Fed’s Miran Says He Raised Rate Projection Due to Inflation Data

Federal Reserve Governor Stephen Miran said he moved up his projection for where interest rates should end the year by half a percentage point in response to disappointing inflation data since officials last issued forecasts in December.

“I boosted my policy rate by half a percent, not due to oil and Iran, but due to the inflation data that we received,” Miran said Wednesday during an event in New York, referring to the economic projections policymakers published after their policy meeting last week. “That puts my my projection at about neutral.”