Council of Economics Chair Stephen Miran was confirmed as a Federal Reserve governor just before September's Federal Open Market Committee meeting. The impact was immediate—and troubling.

Miran dissented in favor of a larger rate cut , and he put a dot on the dot plot—the Fed's survey of members' interest rate expectations—that was 150 basis points lower by the end of the year . Miran wants to lower the federal funds interest rates by 200 basis points immediately , which is well outside the consensus at the Fed.

Miran wants huge interest rate cuts at a time when the stock market, cryptocurrency, and gold are at all-time highs, credit spreads are at all-time lows, the unemployment rate is only 4.3 percent, and gross domestic product just came in at 3.8 percent. His logic is that the labor

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