Overview
- Stephen Miran said monetary policy is holding the economy back and nudging unemployment higher.
- He advocated a series of 50-basis-point reductions, arguing recent data supports faster easing.
- Miran described most recent inflation excess as a housing-driven mirage, not a lasting problem.
- He called for mortgage-rate relief, citing tight housing financial conditions as a key pressure point.
- The Fed funds rate stands at 3.75%–4.00% after two cuts this fall, and FOMC members remain split over the next move in December.