Core Viewpoint - The Federal Reserve Governor Milan believes that interest rates are overly restrictive and should be gradually reduced by 50 basis points, as the current tight monetary policy makes the economy more susceptible to downward shocks [1] Group 1 - The Federal Reserve's policy is considered too tight, leading to increased vulnerability of the economy to negative impacts [1] - A recommendation for a gradual reduction in interest rates by 50 basis points is suggested to alleviate restrictions [1]

Core Viewpoint - The current interest rate levels set by the European Central Bank (ECB) are not considered restrictive [1] Group 1 - The ECB's Governing Council member, Nagel, emphasized that the existing interest rates do not impose limitations on economic activity [1]