Federal Reserve Gov. Stephen Miran believes the central bank should lower interest rates by roughly a full percentage point this year — and begin moving sooner rather than later.
“Four cuts I think are appropriate,” Miran said Thursday, The Wall Street Journal reports. “I’d rather get them sooner than later,” he added, signaling a more front-loaded easing approach.
On financial stability, Miran downplayed concerns about the rapid growth of private credit markets, saying he hasn’t seen anything that raises red flags from a macroeconomic standpoint.
Much of the expansion in private credit, he argued, stems from heavy regulation weighing on traditional banks.
Looking ahead to artificial intelligence and the labor market, Miran struck a balanced tone.
“I do fully expect AI will destroy some jobs, but I also expect it will create entirely new categories of jobs we can’t think of yet,” he said.
Miran’s comments underscore a growing debate inside the Fed over the pace of rate cuts — and how emerging technologies and alternative lending markets could reshape the economic outlook.
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