Council of Economics Chair Stephen Miran was confirmed as a Federal Reserve governor just before September's Federal Open Market Committee meeting. The impact was immediate—and troubling.
Miran dissented in favor of a larger rate cut, and he put a dot on the dot plot—the Fed's survey of members' interest rate expectations—that was 150 basis points lower by the end of the year. Miran wants to lower the federal funds interest rates by 200 basis points immediately, which is well outside the consensus at the Fed.
