降息再添理由 美联储理事米兰将政府放松监管纳入论据

Core Viewpoint - The Federal Reserve Governor, Stephen Milan, suggests that the Trump administration's deregulation agenda provides additional justification for the central bank to continue lowering interest rates [1][2]. Group 1: Economic Growth and Deregulation - Milan believes that the large-scale deregulation efforts in the U.S. will significantly enhance competition, productivity, and potential growth rates, achieving faster economic growth without increasing inflationary pressures [1][2]. - He cites several factors supporting his view, including the expectation that housing inflation will ease and the undervaluation of the so-called neutral interest rate, which neither stimulates nor suppresses the economy [1][2]. Group 2: Monetary Policy Implications - Milan states that the ongoing deregulation will support the continuation of a more accommodative monetary policy, warning that ignoring these impacts could lead to unnecessarily tight monetary policy [1][2]. - He predicts that, based on the pace of deregulation under the Trump administration, 30% of regulatory restrictions in the Federal Register will be eliminated by 2030 [1][2]. - Overall, he anticipates that the large-scale deregulation implemented by 2025 will continue to have a significant positive impact on productivity for at least the next three years, exerting downward pressure on prices and supporting a more lenient monetary policy stance [1][2].