Fed’s Miran Advocates for Over 1% Rate Cuts to Stimulate Economic Growth
Federal Reserve Governor Stephen Miran discusses the direction of economic policy after President Donald Trump tapped Kevin Warsh to lead the Federal Reserve on ‘Mornings with Maria.’
Federal Reserve Governor Stephen Miran has recently advocated for significant interest rate cuts this year. During an interview on FOX Business Network’s “Mornings with Maria,” he expressed his expectation for more than a point of interest rate reductions throughout the year.
“I’m probably looking for a little bit more than a point of interest rate cuts over the course of the year,” Miran stated. His remarks come after he and Fed Governor Christopher Waller dissented during the Federal Open Market Committee’s (FOMC) latest meeting on January 28. In a 10-2 vote, the central bank opted to maintain rates in the current range of 3.5% to 3.75%, following three consecutive 25 basis point cuts in September, October, and December. Both Miran and Waller favored a quarter-point cut.
Stephen Miran, chairman of the Council of Economic Advisers, following a television interview outside the White House in Washington, DC, US, on Tuesday, June 17, 2025. (Getty Images)
FED HOLDS INTEREST RATES STEADY, PAUSING RATE CUTS AMID ECONOMIC UNCERTAINTY
Miran has consistently supported deeper cuts than the FOMC has favored since joining the board while on leave from his role in the Trump administration. Although his term at the Fed technically expired on January 31, he may remain in his position until a successor is confirmed.
Waller last dissented from an FOMC decision in July, when the Fed held rates steady. He was previously considered a contender for the Fed chair nomination before President Donald Trump nominated former Fed Governor Kevin Warsh to lead the central bank. Warsh is expected to fill the vacancy created by Miran’s term expiration.
Kevin Warsh, former governor of the U.S. Federal Reserve, speaks during the American Economic Association (AEA) annual conference in Chicago, Illinois, U.S., on Jan. 6, 2017. (Daniel Acker/Bloomberg via Getty Images)
FED GOVERNOR SAYS CURRENT ECONOMY IS ‘CALLING FOR LARGE INTEREST RATE CUTS’ TO HELP JOB MARKET
While the market currently anticipates two 25 basis point rate cuts this year, Miran argues that a total of 100 basis points in cuts is necessary. “When I look at underlying inflation, I don’t see a lot of strong supply-demand imbalances that monetary policy should respond to. So I think we’re keeping rates too high, primarily due to quirks in how we measure inflation rather than actual price pressures,” he explained.
JEROME POWELL OFFERS ADVICE FOR NEXT FED CHAIR, ADDRESSES HIS FUTURE AT CENTRAL BANK
In response to Atlanta Fed President Raphael Bostic’s suggestion that there may not be a need for interest rate cuts this year, Miran acknowledged the “very strong diversity of views” within the Fed.
Stephen Miran, governor of the Federal Reserve, at the Semafor World Economy Summit during the International Monetary Fund and World Bank Fall meetings in Washington on Oct. 16, 2025. (Pete Kiehart/Bloomberg/Getty Images)
“I think we’re being misled by quirks in how we calculate inflation rather than actual price pressures in the economy. This is causing us to keep our fed funds target rate too high,” he remarked. “Everyone has their own perspective. Ultimately, we are a committee that votes. I’m just one member, but I will continue to advocate for my view because I believe it is correct.”
When discussing Warsh’s nomination to lead the central bank, Miran expressed his support, stating, “I think Kevin Warsh is a fantastic choice for Fed chairman.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
He further emphasized that Warsh is highly respected by Wall Street, the investment community, and policymakers, adding, “I’m very excited to see the initiatives he will implement at the Federal Reserve.”
Federal Reserve Governor Stephen Miran discusses the direction of economic policy after President Donald Trump tapped Kevin Warsh to lead the Federal Reserve on ‘Mornings with Maria.’
Federal Reserve Governor Stephen Miran has recently advocated for significant interest rate cuts this year. During an interview on FOX Business Network’s “Mornings with Maria,” he expressed his expectation for more than a point of interest rate reductions throughout the year.
“I’m probably looking for a little bit more than a point of interest rate cuts over the course of the year,” Miran stated. His remarks come after he and Fed Governor Christopher Waller dissented during the Federal Open Market Committee’s (FOMC) latest meeting on January 28. In a 10-2 vote, the central bank opted to maintain rates in the current range of 3.5% to 3.75%, following three consecutive 25 basis point cuts in September, October, and December. Both Miran and Waller favored a quarter-point cut.
Stephen Miran, chairman of the Council of Economic Advisers, following a television interview outside the White House in Washington, DC, US, on Tuesday, June 17, 2025. (Getty Images)
FED HOLDS INTEREST RATES STEADY, PAUSING RATE CUTS AMID ECONOMIC UNCERTAINTY
Miran has consistently supported deeper cuts than the FOMC has favored since joining the board while on leave from his role in the Trump administration. Although his term at the Fed technically expired on January 31, he may remain in his position until a successor is confirmed.
Waller last dissented from an FOMC decision in July, when the Fed held rates steady. He was previously considered a contender for the Fed chair nomination before President Donald Trump nominated former Fed Governor Kevin Warsh to lead the central bank. Warsh is expected to fill the vacancy created by Miran’s term expiration.
Kevin Warsh, former governor of the U.S. Federal Reserve, speaks during the American Economic Association (AEA) annual conference in Chicago, Illinois, U.S., on Jan. 6, 2017. (Daniel Acker/Bloomberg via Getty Images)
FED GOVERNOR SAYS CURRENT ECONOMY IS ‘CALLING FOR LARGE INTEREST RATE CUTS’ TO HELP JOB MARKET
While the market currently anticipates two 25 basis point rate cuts this year, Miran argues that a total of 100 basis points in cuts is necessary. “When I look at underlying inflation, I don’t see a lot of strong supply-demand imbalances that monetary policy should respond to. So I think we’re keeping rates too high, primarily due to quirks in how we measure inflation rather than actual price pressures,” he explained.
JEROME POWELL OFFERS ADVICE FOR NEXT FED CHAIR, ADDRESSES HIS FUTURE AT CENTRAL BANK
In response to Atlanta Fed President Raphael Bostic’s suggestion that there may not be a need for interest rate cuts this year, Miran acknowledged the “very strong diversity of views” within the Fed.
Stephen Miran, governor of the Federal Reserve, at the Semafor World Economy Summit during the International Monetary Fund and World Bank Fall meetings in Washington on Oct. 16, 2025. (Pete Kiehart/Bloomberg/Getty Images)
“I think we’re being misled by quirks in how we calculate inflation rather than actual price pressures in the economy. This is causing us to keep our fed funds target rate too high,” he remarked. “Everyone has their own perspective. Ultimately, we are a committee that votes. I’m just one member, but I will continue to advocate for my view because I believe it is correct.”
When discussing Warsh’s nomination to lead the central bank, Miran expressed his support, stating, “I think Kevin Warsh is a fantastic choice for Fed chairman.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
He further emphasized that Warsh is highly respected by Wall Street, the investment community, and policymakers, adding, “I’m very excited to see the initiatives he will implement at the Federal Reserve.”
