Miran Says Fed Needs to Cut Rates by More Than a Point This Year

Federal Reserve Governor Stephen Miran said the absence of strong price pressures in the economy means interest rates, which he described as restrictive, need to be lowered again this year.

“I’m probably looking for a little bit more than a point of interest-rate cuts over the course of the year,” Miran said Tuesday on the Fox Business Network.

Miran dissented against the Fed’s decision last week to hold rates steady, in favor of a quarter percentage point cut. Late last year, when the Fed enacted a series of quarter-point cuts, Miran voted against those decisions in favor of larger, half-point ...