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Federal Reserve Governor Milan Calls for Another Major Rate Cut in December
BlockBeats News, November 11th, Federal Reserve Governor Milan stated on Monday that given the softening labor market and declining inflation, the Fed should cut interest rates by 50 basis points in December. He believes that a 25 basis point cut is "the minimum" appropriate move.
Milan pointed out: "We have received new inflation data, which turned out better than expected. This means that compared to the FOMC meeting in September, adopting a more moderate policy stance is reasonable. At that time, the majority of decision-makers believed that by the end of the year, there should be a total of three rate cuts, each 25 basis points."
The Fed has already cut rates by 25 basis points in both September and October. However, Milan emphasized that the unemployment rate is rising, "due to overly tight policies. Therefore, we must adjust the policy, continue to gradually cut rates to prevent this tightening from exerting greater pressure on the economy, further raising the unemployment rate." (FXStreet)
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