Federal Reserve Governor Stephen Miran expressed support for substantial interest rate cuts during an interview on Fox Business Network on Tuesday.
"I’m probably looking for a little bit more than a point of interest rate cuts over the course of the year," Miran stated, indicating his belief that current Fed monetary policy is "too tight."
Miran’s comments came after President Donald Trump announced former central banker Kevin Warsh as his nominee to lead the Federal Reserve, a choice Miran described as "fantastic."
The Fed governor downplayed inflation concerns, stating that "underlying inflation is not a problem." He also noted that "market yields haven’t gone up by that much" and argued that "better growth in future doesn’t need higher interest rates."
When asked about recent market conditions, Miran said he was "not reading a lot into metal market volatility."
Looking toward longer-term Fed policy, Miran expressed a preference for a "smaller Fed balance sheet" but added that achieving this goal would "need more regulations changes."