New Fed Governor Milan clarifies communication with Trump, stressing independent decision on rate cuts

On September 20th, newly appointed Federal Reserve Board member Milan publicly clarified his communications with US President Trump on Friday, emphasizing that his vote at this week's monetary policy meeting was independent and free of political interference. Previously, the Fed announced a 25 basis point interest rate cut, but Milan dissented, advocating for a 50 basis point reduction. After the meeting, he explained that his decision was based on his independent assessment of the economic situation. In response to public concerns, Milan stated that he had only a brief conversation with President Trump before the rate decision. He revealed, "He (Trump) called me Tuesday morning to offer congratulations, nothing more." Milan emphasized that the two "never discussed my vote, nor did they ever discuss my position on the dot plot in the Fed's Summary of Economic Projections." (Jinshi)