Odaily Planet Daily reports that Federal Reserve Board member Milan stated he expects a 150 basis point rate cut this year to boost the labor market. When describing monetary policy as restrictive, Milan indicated that the core inflation rate may remain around 2.3%, which means Federal Reserve officials still have room for further rate cuts. Milan said that the core inflation rate fluctuates within our target range, which well indicates the medium-term overall inflation trend. “Approximately 1 million Americans are currently unemployed, but if they are employed, it would not cause unnecessary inflation,” Milan said. He also mentioned that it is currently unclear whether he will stay at the Federal Reserve after his term ends. Many Fed observers expect Trump to use Milan’s current position to arrange his chosen next chairman candidate onto the board. However, if Powell leaves the Fed after his chairmanship ends in May, another seat may become available. (Jin10)
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