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Federal Reserve's staunch dovish board member Milan announces resignation
BlockBeats News, May 15 — Federal Reserve Board Member Stephen Mester officially resigned on Thursday, stating that he will vacate his seat on the Federal Reserve Board of Governors either when the new Chair, Kevin Warsh, takes office or before.
Since Adriana Kugler’s sudden resignation in August 2025, Mester has taken over her position on the board. Mester has consistently played a dissenting role in the Federal Open Market Committee (FOMC), which is responsible for setting interest rates. In the six FOMC meetings he attended, he voted “against” each time.
He stated that he believes personal consumption expenditure (PCE) inflation, especially housing inflation, will gradually return to normal levels, and he reiterated that, given the lag in monetary policy effects, he considers it necessary to cut interest rates.
Mester has been advocating for lower interest rates and opposed the three 25 basis point rate cuts approved by the FOMC in 2025, supporting larger rate reductions instead. This year, he voted three times against maintaining the current rates, instead supporting a 25 basis point cut.
Additionally, he said he has been pushing for a more forward-looking monetary policy approach and believes the Federal Reserve “needs to better consider non-monetary factors and their impact on monetary policy.” He specifically pointed out that slowing population growth and reduced immigration impact employment, as well as the deflationary pressures brought by deregulation.