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Federal Reserve Governor Stephen Miran said the US central bank risks damage to the economy by not moving rapidly to lower interest rates.
Miran, a new Fed board member who was appointed by President Donald Trump, is an outlier among the central bank’s policymakers in calling for immediate, aggressive rate cuts. He argued the Fed’s current policy rate, which is in a range of 4% to 4.25%, is highly restrictive because it’s well above his estimate of the so-called “neutral” level — where policy neither boosts nor restrains the economy.