美联储理事米兰再度呼吁更激进降息：信贷压力表明现行政策限制性过强

Group 1 - The core viewpoint is that Federal Reserve Governor Stephen Milan advocates for significant interest rate cuts, arguing that current monetary policy is overly restrictive and that the neutral interest rate is much lower than the current policy rate [1][2] - Milan has consistently called for a more accommodative monetary policy, opposing the decision to lower the federal funds rate by 25 basis points in September and October, instead suggesting a larger cut of 50 basis points [1] - Following a slowdown in hiring this summer, the Federal Reserve officials lowered the benchmark interest rate by 25 basis points for the second consecutive month, bringing the target range to 3.75% to 4% [1] Group 2 - Milan points to signs of stress in the credit market as evidence that monetary policy remains too tight, suggesting that the prolonged restrictive stance could lead to economic downturns [2] - Concerns have been raised by other Federal Reserve policymakers about the risks of persistent inflation if rate cuts are implemented too quickly [1] - Milan's temporary appointment to the Federal Reserve has raised questions about his independence from the Trump administration, although he emphasizes the risks associated with maintaining a restrictive policy for too long [2]