Fed's Miran defends call for steep rate cuts, says Trump didn't direct his vote
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New U.S. Federal Reserve Governor Stephen Miran on Friday defended himself as an independent policymaker after dissenting in favor of steep rate cuts at Wednesday's policy meeting. Miran, who promised to give a detailed argument for his views in a speech on Monday, voted on policy just hours after joining the central bank from his position as an economic adviser to President Donald Trump. He said he was not given any guidance from Trump on what to do at the meeting. "I'm going to give a full accounting for my economic views, and walk through in meticulous detail the economics and the arithmetic behind getting to those numbers," in remarks in New York on Monday, Miran said on CNBC of his view that rates should have been cut by a half percentage point at this week's meeting and then by half a point at each of the next two meetings as well. He argues that a near "neutral" rate of interest is now the proper s...