Fed's Miran: policy "clearly restrictive and holding the economy back"

Investing.com -- Federal Reserve Governor Stephen Miran stated Tuesday that the U.S. central bank should implement aggressive interest rate cuts this year to maintain economic momentum.

"I think policy is clearly restrictive and holding the economy back," Miran said during an interview on Fox Business. He emphasized that "well over 100 basis points of cuts are going to be justified this year."

Miran, whose term at the Federal Reserve ends on January 31, noted that underlying inflation is now near the Fed’s target. He warned that if monetary policy remains too tight, it "might nip growth in the bud."

The Fed governor expressed optimism about economic growth prospects and indicated that fiscal policy would support growth this year. He also mentioned being "really excited" about limited master accounts.

When asked about his future, Miran confirmed he has not spoken with President Trump about becoming Fed Chair, but added that all names on the short list for the position are credible candidates.

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