WASHINGTON (AP) - President Donald Trump’s appointee to the Federal Reserve’s Board of Governors, Stephen Miran, expressed on Monday that the central bank's key interest rate should be significantly lower than its current level of 4.1%. This statement places him at odds with his colleagues on the board, revealing a notable divergence in outlook regarding monetary policy.

During his remarks at the Economic Club of New York, Miran, who also serves as a senior economic adviser to Trump, asserted that several economic factors—such as sharp declines in immigration, increasing tariff revenues, and an aging population—indicate that the appropriate Fed rate should be closer to 2.5%. His position represents nearly a full percentage point below the predictions made by any of the other 18 members of the Fed’s rate-setting committee, marking an unusually high level of disagreement within the board.

Miran's comments highlight the distinct perspectives he brings to the Federal Reserve's discussions around interest rate policy, a point accentuated by the controversy surrounding his appointment. He currently holds the position of chairman of the White House’s Council of Economic Advisers, albeit on unpaid leave, which raises questions about the traditional independence of the Fed from everyday political influences. As his term on the Fed’s board is set to expire in January, Miran has indicated that he intends to return to the White House after that period, although he could continue serving on the board until a successor is appointed.

Miran articulated, "It should be clear that my view of appropriate monetary policy diverges from those of other members of the committee." He labeled the current policy as “very restrictive,” suggesting that it constrains economic growth and poses risks to the Fed's congressional mandate of achieving maximum employment.

In his analysis, Miran argued that reduced immigration levels might lead to an increase in available housing, which in turn could lower rental costs and mitigate inflationary pressures. He also noted that tariff revenues, which are projected to exceed $300 billion annually according to estimates from the Congressional Budget Office, should contribute to reducing the federal deficit. Over time, Miran concluded, these factors would allow the Fed to maintain a lower benchmark interest rate without sacrificing efforts to control inflation.