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Federal Reserve's staunch dovish board member Milan announces resignation

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ME News Report, May 15 (UTC+8), Federal Reserve Board Member Stephen Milar officially submitted his resignation 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, Milar has taken over her position on the board. Milar 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 lagging effects of monetary policy, he sees the need to cut interest rates. Milar has been advocating for lower interest rates and opposed the three 25 basis point rate cuts approved by the FOMC in 2025, supporting larger cuts instead. This year, he voted three times against maintaining the current rate, 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. (Source: ChainCatcher)
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FeeTakerPhD
· 2h ago
The deflationary shadow is more frightening than inflation, but unfortunately the Federal Reserve is still hesitating.
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MintAfterCoffee
· 12h ago
Looking forward to monetary policy sounds good, but its implementation is all politics.
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MoonlightReef
· 12h ago
The lag effect of monetary policy is a well-known topic, but few actually dare to act in advance.
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GateUser-e4fb1fbe
· 12h ago
Three 25-basis-point hikes are all considered too little; it seems he's truly afraid of a hard landing for the economy.
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ReflectionsOnTheStreetCorner
· 12h ago
The advocates for significant interest rate cuts have left. What will the new chairman do?
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IceCreamUnderTheNeonLights
· 12h ago
Milan has finally left, losing a key member of the dovish faction.
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GateUser-a65ee044
· 12h ago
The resignation timing is perfectly calculated; the new chairman doesn't have to take the blame.
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NotYourExitLP
· 12h ago
Dovish retreat, hawkish rise? The market is about to reprice.
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RouterWhisperer
· 12h ago
The decrease in immigration affects employment data, and this has been overlooked by the mainstream for too long.
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GateUser-6857a9c9
· 12h ago
From the perspective of population deflation, this is indeed ahead of its time, but unfortunately no one is listening.
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