MNI BRIEF: Miran Urges Fed Cuts As China Trade War Heats Up

Federal Reserve Governor Stephen Miran said Wednesday the intensification of U.S.-China trade tensions over the past week create more urgency to cut interest rates. 

"There's now more downside risks than there was a week ago, and I think it's incumbent upon us as policymakers to recognize that should be reflected in policy," he said. "With the change to the balance of risks, I think it becomes even more urgent that we get to a more neutral place in policy quickly." 

Miran has said he would like the fed funds target range to fall to just under 3% by year-end, 75 bps lower than the median FOMC member. (See: MNI POLICY: Fed Set To Keep Cutting Rates Despite Missing Data)