An interesting "outlier" has emerged within the Fed.

Milan, who just took his seat on the council this September, has a voting style that is clearly different from that of other officials. While others are still weighing inflation data and employment reports, he has consistently stood for "significant interest rate cuts" in several meetings — at last week's policy meeting, he even cast a dissenting vote, openly calling for a 50 basis point cut. This kind of "stubbornness" is indeed rare in the consensus-driven decision-making circle of the Fed.

Milan's resume somewhat explains his position. This director is currently on "temporary leave" from his position as a senior economic advisor at the White House, inherently bringing with him the "growth preservation" gene of the administrative system. In the independent Fed system, this background makes his voice particularly conspicuous.

Some in the market question: With the stock market rising like this and the cost of corporate borrowing declining, why are you still calling for interest rate cuts? Isn’t the policy already loose enough? Milan does not buy into this logic. His viewpoint is clear – one cannot just focus on the excitement of the financial markets. The soaring stock prices may be due to improved corporate profit expectations, a global influx of funds, or simply a manifestation of risk appetite; the equation "rising stock market = overly loose monetary policy" is fundamentally untenable.

What Milan is truly concerned about are the industries that are highly sensitive to interest rates. The "coolness" in sectors like real estate, durable goods consumption, and corporate capital expenditures, in his view, deserves more attention than the "heat" on Wall Street. The necessity of interest rate cuts should be judged based on the temperature of the real economy, rather than the fluctuating numbers on trading screens.