Fed governor: "No evidence" that tariffs lead to higher inflation

Fed director Stephen Milan said there was “no evidence” that tariffs led to higher inflation, which contradicted the claims of many U.S. officials. The annual rate of the Consumer Price Index rose by 2.9% in August 2025, the fastest growth rate since January. Milan, an ally of Trump and the only opponent of the Fed's recent 25 basis point rate cut, advocates for a larger rate cut.