April 1, 2026
Stephen Miran (left) was sworn in as Fed governor in September last year. Photo: Federal Reserve.
The conflict between the US and Iran is hitting the core of the Federal Reserve’s rate strategy. The one factor that was keeping rate cuts alive, falling housing costs, is now under pressure. Fed governor Stephen Miran’s bet that housing costs would keep falling fast enough to justify lower Fed rates is now being tested in the worst possible way.
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