# Fed Governor Miran on Why Inflation Fears Are Overstated

Page: https://stenobird.com/podcast/forward-guidance-4502930/fed-governor-miran-on-why-inflation-fears-are-overstated
Text version: https://stenobird.com/podcast/forward-guidance-4502930/fed-governor-miran-on-why-inflation-fears-are-overstated.md
Podcast: [Forward Guidance](https://stenobird.com/podcast/forward-guidance-4502930)
Published: 2026-04-01T07:00:00+00:00
Episode link: https://traffic.megaphone.fm/BWG5626811026.mp3?updated=1774977193
Audio file: https://traffic.megaphone.fm/BWG5626811026.mp3?updated=1774977193
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JSON: https://stenobird.com/v1/public/podcasts/forward-guidance-4502930/episodes/fed-governor-miran-on-why-inflation-fears-are-overstated
Duration seconds: 1997

## Resource

Policy may be reacting to the wrong signals, as powerful structural forces quietly reshape inflation and the economy beneath the surface. In this episode live from the Digital Asset Summit, we sit down with Federal Reserve Governor Stephen Miran to unpack his recent dissent and why he believes inflation risks are overstated while the labor market deserves more support. We explore oil shocks vs policy lags, AI and deregulation as disinflationary forces, shifts in the neutral rate, and how stablecoins could reshape global dollar demand. Enjoy! TIMESTAMPS: 00:00 Intro 02:11 Why Miran Dissented 04:51 Looking Through Oil Shocks 06:36 AI And Deregulation Disinflate 10:04 The Case For Neutral 12:30 What Sets Neutral Rates 16:12 Ads (Arkham, Blockworks IR) 17:50 Where "Running It Hot" Narrative Fails 25:02 Skinny Master Accounts 27:02 Stablecoins And Dollar Demand 30:51 Tokenized Deposits Or Stablecoins FOLLOW GUEST › Federal Reserve – https://x.com/federalreserve FOLLOW THE SHOW › Felix – https://x.com/fejau_inc › Forward Guidance – https://x.com/ForwardGuidance › Telegram – https://t.me/+CAoZQpC-i6BjYTEx › Blockworks – https://x.com/Blockworks SPONSORS › ARKHAM Arkham is a crypto exchange and blockchain analytics platform that lets traders see inside. the wallets of top traders, funds, and influential players in crypto— and act on that information. Sign up: https://auth.arkm.com/register?ref=blockworks Eligibility varies by jurisdiction. Users residing in certain jurisdictions may be excluded from onboarding. DISCLAIMER Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or…

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## Transcript

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