Fed’s Miran Says Fed Policy Remains Too Restrictive, Advocates for Cuts

Описание: Federal Reserve board governor Stephen Miran repeated his view that the Fed's monetary policy is too restrictive and if it continues could risk a downturn in the economy. He said he will continue advocating for outsize cuts during his temporary term.


 Federal Reserve Governor Stephen Miran said monetary policy remains restrictive and that he will continue to advocate for outsize interest-rate cuts.
“The Fed is too restrictive, neutral is quite a ways below where current policy is,” Miran said Monday in an interview on Bloomberg Television. “Given my rather more sanguine outlook on inflation than some of the other members of the committee, I don’t see a reason for keeping policy as restrictive.”
Miran has repeatedly called for looser monetary policy, dissenting against policymakers’ decisions to lower the Fed’s policy rate by a quarter-percentage point in September and again in October in favor of half-point reductions. 
Fed officials cut their benchmark rate last week by a quarter-point for a second month in a row after a sharp slowdown in hiring over the summer raised concerns about the labor market. Fed Chair Jerome Powell, speaking to reporters Wednesday after the decision, said another cut in December was “not a forgone conclusion.” The rate cut brought the target range for the benchmark rate to 3.75% to 4%.
A handful of other Fed policymakers have since voiced their concerns that the central bank risked allowing inflation to remain high by moving too far in lowering rates.


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