Federal Reserve Governor Stephen Miran believes President Trump’s tariffs won’t lead to inflation in the U.S. economy. He was the sole dissenter in the Fed’s decision to cut rates by a quarter point, calling for a larger reduction. Most indicators show inflation above the 2% target until 2028.

Miran expects stronger growth in the second half of the year due to Trump’s trade and tax policy uncertainties. He also predicts Trump’s immigration policies will bring disinflation, as increased immigration drives up shelter prices, while border closures lead to disinflationary effects. Senate confirmed Miran to the Fed Board of Governors.

Miran was appointed by President Trump in August to replace Governor Adriana Kugler. He will serve on the board until Kugler’s term ends in 2026. Miran plans to take an unpaid leave from his role as chair of the White House Council of Economic Advisors while serving as a Fed governor.

Read more at CNBC: Miran says he doesn’t see tariffs causing inflation, putting him in minority on Fed committee