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Fed’s #Stephen Miran Says a 50 bps December Rate Cut Is ‘Appropriate’
Highlights
Miran stated that the Fed should make a 25 bps cut at the minimum.
There is a 62.6% chance that the Fed will cut rates by 25 bps.
Fed's Mary Daly indicated that she is in support of further rate cuts.
Federal Reserve governor #Stephe Miran has again voiced support for a 50 basis points (bps) Fed rate cut ahead of the December FOMC meeting. This is significant, given how the rate cut decision could impact the crypto market, as with the two earlier cuts this year.
Stephen Miran Advocates For A 50 Bps Fed Rate Cut In December
The Fed governor said during a CNBC interview that he believes that a 50 bps cut is appropriate, but that they should make a 25 bps cut at a minimum. However, he admitted that they could get data that could make him change his mind between now and then.
#Notably Miran is the only member of the FOMC who has voted for a 50 bps Fed rate cut this year, dissenting at both the September and October meetings. His latest statement comes just two weeks after the Fed lowered rates by 25 bps at the October FOMC meeting.
Unlike the October FOMC meeting, the Fed is likely to have data to work with as the U.S government shutdown could end as soon as this week. However, Miran doesn’t believe that his colleagues should focus on the data as they look to make the third rate cut this year at the December meeting.
He stated that making policy based on current data is backward-looking and that they need to make policy based on where they think the economy will be a year and a half from now. The Fed governor also noted that the available$BTC
data show a softening in both inflation and the labor market, which is why they should be more dovish than they were in September, when they forecast three 25-bps Fed rate cuts this year.
CME FedWatch data shows that the Fed is again likely to lower rates at the December 10 FOMC meeting. There is currently a 62.6% chance that the committee will lower rates by 25 bps and a 37.4% chance that rates will remain unchanged.
Highlights
Miran stated that the Fed should make a 25 bps cut at the minimum.
There is a 62.6% chance that the Fed will cut rates by 25 bps.
Fed's Mary Daly indicated that she is in support of further rate cuts.
Federal Reserve governor #Stephe Miran has again voiced support for a 50 basis points (bps) Fed rate cut ahead of the December FOMC meeting. This is significant, given how the rate cut decision could impact the crypto market, as with the two earlier cuts this year.
Stephen Miran Advocates For A 50 Bps Fed Rate Cut In December
The Fed governor said during a CNBC interview that he believes that a 50 bps cut is appropriate, but that they should make a 25 bps cut at a minimum. However, he admitted that they could get data that could make him change his mind between now and then.
#Notably Miran is the only member of the FOMC who has voted for a 50 bps Fed rate cut this year, dissenting at both the September and October meetings. His latest statement comes just two weeks after the Fed lowered rates by 25 bps at the October FOMC meeting.
Unlike the October FOMC meeting, the Fed is likely to have data to work with as the U.S government shutdown could end as soon as this week. However, Miran doesn’t believe that his colleagues should focus on the data as they look to make the third rate cut this year at the December meeting.
He stated that making policy based on current data is backward-looking and that they need to make policy based on where they think the economy will be a year and a half from now. The Fed governor also noted that the available$BTC
data show a softening in both inflation and the labor market, which is why they should be more dovish than they were in September, when they forecast three 25-bps Fed rate cuts this year.
CME FedWatch data shows that the Fed is again likely to lower rates at the December 10 FOMC meeting. There is currently a 62.6% chance that the committee will lower rates by 25 bps and a 37.4% chance that rates will remain unchanged.
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