Stephen Miran's appointment has been controversial because he has kept his position as the head of the White House’s Council of Economic Advisers, raising concerns about the Fed’s traditional independence.

U.S. President Donald Trump’s appointee to the Federal Reserve’s Board of Governors said Monday that the central bank’s key interest rate should be much lower than its current 4.1 per cent level, staking out a position far different than his colleagues.

Stephen Miran, who is also a top economic adviser to Trump, said in remarks to the Economic Club of New York that sharp declines in immigration, rising tariff revenue, and an aging population all suggest that the Fed’s rate should be closer to 2.5 per cent instead. According to projections released last week, that’s almost a full pe

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