Fed’s Miran defends call for steep rate cuts, says Trump didn’t direct his vote

Stephen Miran, the new US Federal Reserve Governor, addressed concerns about his independence. This followed his dissent on rate cut decisions. Miran advocated for steeper rate cuts. He argued for a near-neutral interest rate. He cited no inflation risk and lower housing costs. These views contrast with the Fed’s consensus. Other policymakers favor gradual cuts.

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