Fed Governor Miran: Job losses in February add to the case for more interest rate cuts

• February job losses and a weak six-month moving average for job creation strengthen the argument for interest rate cuts.
• Current monetary policy is deemed 'miscalibrated' due to focusing on 'phantom inflation' from portfolio management fees (0.4% contribution to core inflation).
• Slack in the labor market, particularly among younger and college-educated individuals, suggests a lack of labor demand, not supply, indicating policy is too tight.

Fed Governor Miran asserts that recent job losses in February, combined with a weak six-month moving average for job creation and 'phantom inflation' from portfolio management fees, indicate that current monetary policy is miscalibrated and too tight. He argues these factors bolster the case for the Federal Reserve to implement more interest rate cuts.