Federal Reserve Official Calls for Rate Cuts Amid Cooling Inflation
According to Odaily, Federal Reserve official Steven Milan reiterated on Friday that the central bank needs to cut interest rates due to cooling inflation and the need to reduce risks in the labor market. Milan stated that the job market is slowing, and if this trend continues without appropriate policy adjustments, the United States could face serious challenges by 2027.
Milan is one of the most vocal advocates for rate cuts within the Federal Reserve. At last week’s meeting, he voted in favor of a 50 basis point rate cut, going against the majority, who preferred a smaller 25 basis point reduction. His term at the Federal Reserve is set to end on January 31.
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