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Fed's Miran Calls for Urgent 2.5% Rate Cut

9/22/2025

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Summary

Story summary

Stephen Miran, appointed by President Trump to the Federal Reserve, urges a 2.5% rate cut.
He argues 4.1% is too high and threatens job growth.
He ties his view to immigration, fiscal policy, and trade, saying they lower the neutral rate.
Miran dissented from a recent quarter-point cut; appointment raises independence concerns amid a divided Fed.

History

Historical Context

In the late 1970s, the U.S. faced persistent inflation, prompting the Federal Reserve, led by Chairman Paul Volcker, to raise interest rates to 20% in 1980. This aggressive strategy resulted in unemployment peaking at 10.8% in 1982. Today, debates continue over balancing inflation control and job growth, echoing the challenges of Volcker's tenure.

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Story summary

Stephen Miran, appointed by President Trump to the Federal Reserve, urges a 2.5% rate cut.
He argues 4.1% is too high and threatens job growth.
He ties his view to immigration, fiscal policy, and trade, saying they lower the neutral rate.
Miran dissented from a recent quarter-point cut; appointment raises independence concerns amid a divided Fed.

1 / 2