39 | Friday, September 19, 2025Trump appointee to Federal Reserve calls for steeper rate cuts Print | Front Page | Email this story To:From:Message:From (email):Message:WASHINGTON (AP) — President Donald Trump's appointee to the Federal Reserve's Board of Governors said Monday that the central bank's key interest rate should be much lower than its current 4.1% level, staking out a position far different than his colleagues. Miran's comments underscore the different perspective he brings to the Fed's deliberations over interest rate policy. "I view policy as very restrictive," he added, meaning that it is holding back the economy and "poses material risks" to the Fed's congressional mandate of seeking maximum employment. And tariff revenues — which may top $300 billion a year, according to Congressional Budget Office estimates — should reduce the deficit, he added. Over time, that would mean the Fed doesn't have to keep its benchmark interest rate as high as it is now to bring inflation down.