Just caught something interesting from the Fed side. Miran, one of the board members, just signaled a pretty significant shift in his thinking about where rates should go. He's becoming more cautious now, which is notable given his previous leanings.

Here's what caught my attention: Miran is saying inflation has actually gotten worse since late last year. And he's making a point to clarify that it's not just about external shocks like geopolitical tensions. The deterioration started earlier, in the months before any major conflict. That's a different narrative than what some people were pushing.

What Miran seems most concerned about is how the inflation composition has shifted. It's not concentrated in one or two sectors anymore. More areas are showing price pressures, which makes the whole situation messier to deal with. When inflation becomes this broad-based, it's harder for policymakers to ignore.

The interesting part is that despite acknowledging this tougher inflation backdrop, Miran is still open to multiple rate cuts this year. So he's not going full hawk mode, but he's definitely more cautious than before. This kind of nuanced stance from Fed officials is worth paying attention to because it hints at where policy might actually head.

Miran's comments suggest the Fed is grappling with a more complex inflation picture than they thought. The market implications here could be significant depending on how other board members are thinking.