‘Questionable, Incomplete’: Wall Street Rejects Miran’s Fed Call

Federal Reserve Governor Stephen Miran may still hope to persuade his central bank colleagues that there’s a case for dramatic reductions in interest rates.

But he hasn’t convinced many on Wall Street.

Economists poured cold water on Miran’s first major policy speech, in which he argued that the Trump administration’s policies — on trade, immigration, taxes and regulation — have significantly lowered the level of interest rates needed to guard against inflation.

That suggests the Fed’s benchmark rate is now far too high, Miran said, arguing policymakers have been slow to recognize this fundamental change.

“We find some of his ...