• Stephen Miran, nominee for the Federal Reserve Board, testifies that Trump-era tariffs have had "no measurable impact on inflation."
  • The assertion comes during a politically charged confirmation hearing, with the broader economy experiencing persistent inflation above the Fed's target.
  • Miran pledges to resign from his White House post if confirmed, as questions swirl over Fed independence and the economic costs of trade policy.

Stephen Miran, the White House economic adviser and nominee for the Federal Reserve Board, delivered a firm defense of the previous administration's trade policy during his Senate confirmation hearing on Thursday, asserting that the tariffs imposed had not been a driver of inflation.

"There is no measurable impact on inflation from Trump's tariffs," Miran told the Senate Banking Committee, according to people familiar with his testimony. He specifically pointed to copper tariffs, arguing they would bolster domestic production without feeding into broader price pressures. This stance places him at the center of a heated economic debate as the U.S. contends with inflation that remains stubbornly above the central bank's 2% target.

The hearing was notably tense, with senators scrutinizing the potential for increased White House influence over monetary policy. Miran sought to reassure lawmakers, pledging that he would resign from his current role as chairman of the Council of Economic Advisers if confirmed to the Fed. His comments on tariffs directly counter a widely held view among many economists and some lawmakers, who point to higher consumer prices and market stress as evidence of the policy's costs.

The administration's broader trade agenda was also a focal point, with the Supreme Court recently being asked to hear an appeal related to the implementation of "reciprocal" tariffs. This legal challenge underscores the ongoing policy disputes surrounding executive authority on trade. Meanwhile, recent labor market data has shown some signs of softening, with job openings ticking lower, adding another layer of complexity to the Fed's dual mandate as it weighs future policy decisions.

Efforts to reach a spokesperson for the White House for additional comment on the hearing were not immediately successful. If confirmed, Miran is expected to align closely with the administration's economic directives, a prospect that has bond markets on alert for any signs that the fight against inflation could be deprioritized.