Fed nominee Stephen Miran says employment growth this year reflects policy changes around immigration and the federal workforce. "Tight monetary policy is likely also negatively affecting labor demand particularly among small- and medium-sized businesses." He says some firms may have paused hiring earlier this year due to uncertainty on tax and trade policy. "As the uncertainty around both of those issues has been largely resolved, hiring could very well pick up in the coming months." Source: Miran's answers to written questions from Sen. Elizabeth Warren https://www.banking.senate.gov/imo/media/doc/Miran%20Resp.%20to%20Warren%20QFRs%209-7-25.pdf(Nick Timiraos)