President Donald Trump’s appointee to the Federal Reserve’s Board of Governors said Monday that the central bank’s key interest rate should be much lower than its current 4.1% level, staking out a position far different than his colleagues.

Stephen Miran, who is also a top economic adviser to Trump, said in remarks to the Economic Club of New York that sharp declines in immigration, rising tariff revenue, and an aging population all suggest that the Fed’s rate should be closer to 2.5% instead. According to projections released last week, that’s almost a full percentage point lower than any of his 18 colleagues on the Fed’s rate-setting committee, an unusually high divergence.

Miran’s comments underscore the different perspective he brings to the Fed’s deliberations over interest rate pol

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