Federal Reserve Governor Stephen Miran on Monday reiterated his call for deeper interest rate cuts to prevent a potential economic slowdown. In an interview with CNBC, Miran said the Fed should move faster than its usual quarter-point rate reductions. He once again pushed for a 50-basis-point (half percentage point) cut, though he noted that at the very least, a 25-basis-point reduction was necessary.
Nothing is certain we could get new data that changes my outlook,” Miran said. “But unless the data shifts meaningfully, I still believe a 50-basis-point cut is appropriate, or at minimum, 25.
Despite his stance, the Federal Open Market Committee (FOMC) approved only quarter-point cuts in both September and October. Miran dissented at both meetings, while Kansas City Fed President Jeffrey Schmid also opposed the October move, but for the opposite reason he wanted no cut at all.
Fed Chair Jerome Powell recently acknowledged the policy divide, suggesting that another cut in December is not guaranteed. Some officials have cautioned against further easing due to inflation staying above the 2% target, while others warn that holding back could weaken the labor market.
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