ME News: On May 15 (UTC+8), Federal Reserve Board member Stephen Milar officially submitted his resignation on Thursday, saying that he will vacate his seat on the Federal Reserve Board of Governors when the new Chair Kevin Warsh takes office or before. After Adriana Kugler suddenly resigned in August 2025, Milar took over her seat on the board. Milar has long played a dissenting role on the Federal Open Market Committee (FOMC), which is responsible for setting interest rates. In the six FOMC meetings he attended, he voted “against” every time. He said he believes personal consumption expenditure (PCE) inflation—especially inflation in housing—will gradually return to normal levels, and he reiterated that, given the lag in monetary policy, it is necessary to cut interest rates. Milar has consistently called for lowering interest rates and opposed the FOMC’s three 25-basis-point rate cuts approved in 2025, because he supports larger cuts. This year, he voted against maintaining the interest rate unchanged three times, instead supporting a 25-basis-point rate cut. In addition, he said he has been pushing for a more forward-looking approach to monetary policy and believes the Federal Reserve “needs to give more proper consideration to non-monetary factors and their impact on monetary policy.” He specifically pointed out how slower population growth and reduced immigration affect employment, as well as the deflationary pressure brought about by easing regulation. (Source: ChainCatcher)

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Cream-ColoredCross-ChainBridge

· 6h ago

Population and immigration are both being incorporated into the monetary policy framework, which is quite a forward-thinking approach.

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MidnightReconciler

· 6h ago

Non-monetary factors influence central bank decisions; once this door is opened, it’s hard to close it later.

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ShellsLeftBehindByTheReceding

· 6h ago

Vosh hasn't taken the hot seat yet, but he's already sending off the Cardinal.

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CandlestickChartsUnderThe

· 6h ago

Lag is an old topic, but does anyone really dare to hard cut rates despite inflation?

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DustyLedgerKid

· 6h ago

If the FOMC is torn apart like this, how will the market price it?

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DeltaSmile

· 6h ago

Advocating for a larger interest rate cut was slapped down three times with 25 basis points each, and before leaving, they still want to write a short essay.

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GateUser-ffe7bee5

· 6h ago

The dovish stance in Milan has finally left, and Vosh is likely to be more hawkish.

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