Fed Governor Stephen Miran pushes case for central bank to slash key interest rate

Key Points

Less than a week after taking his seat, Fed Governor Stephen Miran outlined the reasons why he thinks the central bank’s benchmark interest rate is far too high and should be lowered aggressively.
Miran thinks the federal funds rate, a level that banks charge each other for overnight lending but that influences a wide variety of other rates, should be in the low-2% area.

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