Federal Reserve Governor Stephen Miran on Monday criticized his fellow central bankers for setting interest rates too high and touted several Trump administration policies he believed justified steep cuts.

In his first speech since leaving the White House to join the Fed board, Miran defended his consensus-breaking vote for lower interest rates last week and said the bank was threatening the U.S. job market with its current level.

Miran said that while the Fed’s current interest rate range may seem close to a level that neither stimulates nor restricts the economy, President Trump’s massive changes to taxes, trade and immigration have pushed down the true neutral level of interest rates.

In other words, Miran argued, Trump has changed the economy in such a way that it requires much lowe

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