美联储理事米兰：重申2026年需降息100个基点，警告过度监管扭曲信贷结构

Group 1 - The core viewpoint is that Stephen Miran, a Federal Reserve governor, anticipates a need for a 100 basis point interest rate cut by 2026, advocating for early action rather than delay [1] - Miran emphasizes that excessive bank regulation is a structural challenge facing the current monetary policy framework, leading to high compliance costs that inhibit banks' credit creation capabilities [1] - He notes a significant shift in credit activity from traditional banks to non-bank institutions due to overregulation, although he does not currently see systemic risks that would raise macroeconomic concerns [1] Group 2 - Miran's stance on interest rate cuts is supported by weak inflation pressures, which he believes indicate that current interest rates are too high and restrictive [2] - He has previously expressed that there is a lack of strong price pressures in the economy, suggesting that high interest rates are maintained due to the peculiarities of inflation measurement rather than actual price pressures [3] - Miran has a history of advocating for larger rate cuts, having voted against a 25 basis point cut last year, favoring a 50 basis point reduction instead [3]