Federal Reserve Governor Stephen Miran says there is “no evidence” that tariffs have caused inflation to rise. “I see no evidence that it’s occurred,” Miran said during an appearance on Friday on CNBC.

Stephen Miran is a close ally of US President Donald Trump, who has been urging the Fed to cut rates throughout the year. Notably, during the Fed’s vote on cutting rates, Miran was the only vote against the 25 bps cut, instead preferring a larger, half-point move.

Officials throughout the US Government have argued for months on the effects of Donald Trump’s sweeping Tariffs that began in April. Many argue that the tariffs had a direct correlation to the rise of inflation this year. The consumer price index rose 2.9% on an annual basis in August 2025, the fastest pace of inflation since January 2025. Several forecasts predict this trend to continue for the remainder of 2025, especially as numerous tariffs remain in effect.

Fed Governor Stephen Miran’s latest comments come on the heels of the Fed cutting interest rates by 25 bps. The new 4%-4.25% rates are the lowest since December 2022. In addition, Fed officials in their closely watched “dot plot” of individual expectations pointed to two more cuts before the end of the year. In a press release, the Fed acknowledged that economic growth in the first half of the year “moderated” and the job market has “slowed,” while inflation is higher. “Job gains have slowed, and the unemployment rate has edged up but remains low. Inflation has moved up and remains somewhat elevated,” the Fed said.