Fed Governor Stephen Miran stated that the current state of the US economy requires "large-scale interest rate cuts." According to Miran, the significant slowdown in inflation toward target and signs of a cooling in the labor market indicate that the Fed should swiftly abandon its restrictive policy. Miran argued that high real interest rates unduly suppress growth and stated that a rapid transition to a neutral interest rate would reduce the risk of a recession. He also warned that fiscal expansion and tariffs that could be implemented after a potential Trump victory could push inflation higher in the short term, emphasizing that the Fed should expand its maneuverability by implementing cuts "in advance" in this scenario. Markets are currently pricing in only a 50-75 basis point cut in 2025; Miran believes a much more aggressive approach is necessary.