Bloomberg Talks Federal Reserve Governor Stephen Miran Talks Interest Rates
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Sep 22, 2025 
Stephen Miran, a Federal Reserve Governor and former White House adviser, argues for aggressive cuts to interest rates to protect the labor market. He shares insights on the restrictive nature of current policies and their impact on housing and investments. Miran discusses his dedication to independent economic analysis, even dissenting when necessary to advocate for change. Additionally, he critiques past balance-sheet expansions and underscores the importance of maintaining a 2% inflation target as a key mandate.
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Rates Are Too Restrictive Now
- Stephen Miran believes policy is roughly two percentage points too restrictive and prefers moving rates closer to neutral quickly.
- He warns that staying high risks derailing growth and expanding an unnecessary output gap.
Labor Market Risk From Tight Policy
- Miran flagged labor market momentum had weakened and urged quicker easing to avoid further deterioration.
- He proposed a series of 50 basis point cuts as appropriate to recalibrate policy.
Housing Is Rate-Sensitive
- He distinguishes sectors: trade uncertainty affects some investment, but housing is primarily constrained by interest rates.
- Therefore cutting short-term policy should help unlock housing investment.