Fed Governor Miran Advocates for Additional Rate Cut Amid Labor Market Concerns
Federal Reserve Governor Stephen Miran has reiterated his support for another interest rate cut at the upcoming December FOMC meeting, describing it as a "reasonable action." His comments follow ADP's October private payrolls report, which showed a gain of 42,000 jobs—exceeding estimates and marking the first increase since July. Miran pointed to moderating wages and weakening labor demand as justification for further monetary easing.
Miran emphasized a faster path to neutral rates than his peers, warning that maintaining excessively high rates could pose "unnecessary risks." The Fed's recent 25 basis-point reduction brought the target range to 3.75%-4.00%, with Miran standing alone in advocating for a more aggressive 50 basis-point cut for the second consecutive meeting.
