Fed's Miran: Fed should cut more than 100 basis points this year

Federal Reserve (Fed) Governor Stephen Miran told Fox Business on Tuesday that he expects data to support more rate cuts and further argued that the Fed should cut more than 100 basis points this year.

Key takeaways

"Underlying inflation is near Fed's target."

"Fed policy is restrictive and holding economy back."

"Have not spoken with Trump about becoming Fed chair."

"All names on short list for Fed chair are credible."

"Fiscal policy will support growth this year."

"Optimistic about economic growth."

"If monetary policy stays too tight, it might nip growth in the bud."

Market reaction

These comments received a dovish score of 3.0 from FXStreet Fed Speechtracker. In turn, the US Dollar Index retreats from session highs and was last seen trading virtually unchanged on the day at 98.37.