Beyond his dissent on Wednesday, Miran also broke with other Fed officials by projecting a much sharper pace of rate cuts at the central bank’s two remaining meetings this year. In the quarterly dot plot, Miran suggested that rates should fall below 3% in 2025, penciling in three more quarter-point cuts than any of his colleagues did.

President Donald Trump’s widespread tariffs aren’t boosting inflation, so interest rates should be lowered quickly to prevent America’s labor market from deteriorating, Federal Reserve Governor Stephen Miran said Friday in his first public comments as a monetary policymaker.