Trump's Fed pick wants rates below 3% this year
Stephen Miran, just appointed to the Federal Reserve Board by Donald Trump, is calling for a bold move: he wants the Fed to cut interest rates below 3% before 2025 ends.
That's a sharp shift from last week's small rate drop, which only brought them down to around 4-4.25%.
Miran's views clash with Powell's concerns about inflation
Miran's push for deeper cuts goes against what current Fed Chair Jerome Powell is worried about—Powell thinks tariffs and rising prices could keep inflation high.
Miran, though, says most of that inflation is coming from housing and expects it'll cool off soon, especially as population growth slows with Trump's immigration policies.
Even though he is Trump's top economic adviser (currently on leave while serving on the Fed board), Miran insists his views are all his own—Trump "never asked me to set policy in a specific way."