Federal Reserve Governor Stephen Miran Advocates Steep Rate Cuts

Stephen Miran, the recently appointed U.S. Federal Reserve Governor, sparked attention by advocating for significant interest rate cuts, diverging from the Federal Reserve's gradual approach. Miran's proposals reflect his belief in minimal inflation risk and the potential for lower housing costs due to strict immigration policies.

Miran's stance contrasts with the Federal Reserve's mainstream, which leans towards gradual rate reductions amid concerns about the weakening labor market. Despite engaging in discussions with President Trump prior to meetings, Miran affirms his independent analytical approach and plans to present a thorough defense of his economic rationale shortly.

The Federal Reserve's recent decision to lower its interest rate marks the first change since Trump's administration returned to office. Despite political pressure, there remains widespread confidence in the Fed's independence to navigate economic challenges and maintain its commitment to controlling inflation while balancing employment mandates.

(With inputs from agencies.)