美联储理事米兰再次呼吁加快降息，断言“潜在”通胀接近目标，称任期或延长

Core Viewpoint - Stephen Miran, a Federal Reserve governor appointed by President Trump, argues that the Fed's policy stance is unnecessarily restrictive and that underlying inflation is close to the Fed's target after excluding "phantom inflation" [1][3]. Group 1: Inflation Perspectives - Miran believes that the current inflation, which exceeds the target, does not accurately reflect the underlying supply and demand dynamics of the economy [3]. - The preferred inflation measure, the PCE price index, showed a year-on-year increase of 2.8% in September, above the 2% target, but Miran argues that housing inflation is a lagging indicator and does not reflect the current slowing rent growth [3]. - He anticipates that as the rent increases from the pandemic normalize, housing inflation will ease [3]. - Miran suggests that core inflation, excluding housing, food, and energy, is unlikely to face upward pressure due to a cooling labor market [3]. Group 2: Labor Market Concerns - Miran warns that maintaining the Fed's policy rate at unnecessarily high levels could lead to increased unemployment, emphasizing that labor market deterioration can occur rapidly and non-linearly [4]. - He advocates for a quicker easing of monetary policy to approach a neutral stance, given the lag effects of monetary policy [4]. Group 3: Fed Policy Divergence - John Williams, the New York Fed President, expressed a contrasting view, indicating that the Fed's monetary policy is prepared for 2026, suggesting a higher threshold for further rate cuts [2][8]. - Susan Collins, the Boston Fed President, described her support for a recent rate cut as a difficult decision, citing ongoing concerns about persistent high inflation [2][8]. Group 4: Future Fed Governance - Miran indicated he might extend his tenure at the Fed beyond January, pending the confirmation of a new governor, which could alleviate pressure on Trump to nominate a successor quickly [7]. - The potential extension of Miran's term aligns with Trump's preference for appointing individuals who support aggressive rate cuts [7].