Federal Reserve Governor Stephen Miran said Tuesday that the U.S. economy requires “large interest rate cuts,” telling Fox Business he hopes upcoming labor data will persuade more officials to support sharper reductions. He attributed the recent climb in unemployment to an overly restrictive policy stance, arguing that higher rates are weighing on economic activity.

Miran, one of the Fed’s newest board members, has consistently argued that current policy settings are tighter than necessary. His comments add to his broader push for more forceful easing heading into the final Federal Open Market Committee (FOMC) meeting of 2025. In the Fox Business interview, he stressed the higher unemployment rate reflects the effects of prolonged tight policy rather than structural changes in the labor market.

He pointed to weakening hiring trends and slower business activity as evidence that borrowing costs need to fall more quickly. Inflation has eased in recent months, and Miran has argued that this gives the Fed additional room to cut without reigniting price pressures. His position places him on the more dovish side of the committee, contrasting with officials who prefer a slower pace of reductions.

While policymakers have already lowered rates twice this year, Miran has repeatedly pushed for deeper cuts, saying the economy risks a more pronounced slowdown if the central bank maintains its cautious approach. He said he hopes forthcoming employment data will make a stronger case for easing at the upcoming December meeting.

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Financial markets have been closely tracking Miran’s commentary as traders weigh the odds of a larger move. Investors have priced in a higher likelihood of a more aggressive reduction if U.S. jobs figures continue to show strain. Market reaction often intensifies when Fed officials comment publicly ahead of key reports.

The Fed will receive fresh employment and inflation figures before the December meeting, giving officials updated data to guide their discussions. Miran said he remains focused on the labor market and believes deeper cuts are necessary to keep economic conditions from deteriorating further. All the major U.S. indices opened in the green on Nov. 25, and bitcoin ( BTC) is up a percentage point, coasting along between $86,800 to $87,150 over the last hour.

• What did Stephen Miran say about rate policy?
  He said the economy needs “large interest rate cuts” due to rising unemployment.
• Why does Miran believe policy is too tight?
  He argues higher borrowing costs are slowing hiring and pushing unemployment higher.
• What could influence the Fed’s next move?
  Upcoming jobs and inflation reports will shape expectations for December’s meeting.
• How are markets reacting to his comments?
  Traders are watching labor data closely as Miran’s remarks increase speculation of a larger cut.

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