The monetary policy lag has been talked about for so long, and finally someone proves it with action—saying it's useless, we have to move.

ME News Report, May 15 (UTC+8), Federal Reserve Board Member Stephen Milar 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, Milar has taken over her board position. 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 considers it necessary to cut interest rates. Milar has been