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Fed's Miran continues to press for rate cuts in Yahoo Finance interview

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  Published in Business and Finance on Wednesday, November 5th 2025 at 15:53 GMT by reuters.com

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Fed’s Mike Miran Persists in Pushing for Rate Cuts, Says Yahoo Finance Interview (Nov. 5, 2025)

In a late‑afternoon interview with Yahoo Finance, Federal Reserve official Mike Miran reiterated the Fed’s growing appetite for monetary easing, arguing that a series of rate cuts are now more likely than ever. The interview, which aired just after the release of the latest quarterly GDP data and the Fed’s policy statement, underscores a shift in the central bank’s narrative from caution to a more proactive stance on lowering the federal funds target rate.

Key Points from the Interview

1. Economic Momentum Remains Strong
   Miran noted that the U.S. economy is still expanding at a healthy pace. “Employment remains resilient and wage growth continues to keep inflation in check,” he said. The interview referenced the most recent BLS data showing a 4.1 % job growth rate in the third quarter, a figure that sits comfortably above the Fed’s 2 % target. He also highlighted the June personal consumption expenditures (PCE) index, which rose 0.3 % month‑over‑month—well below the 1 % threshold that often signals the need for tightening.

2. Inflation’s Decline and the Path to 2 %
   Inflation, Miran emphasized, has steadily pulled back from the 3.7 % peak observed in early 2024. The Fed’s own inflation gauge, the core PCE, was running at 1.8 % on a 12‑month basis, a figure that sits just under the Fed’s 2 % target. “Given the current trajectory, we see a window opening for a rate cut in the next policy meeting,” he added.

3. Upcoming Policy Decision – FOMC Meeting on Nov. 15
   The Fed’s most recent policy statement, released on Nov. 5, kept rates unchanged at 5.00‑5.25 % and reiterated that the central bank is monitoring the economy closely. Miran stressed that the Fed’s forward guidance remains flexible, and the next FOMC meeting will likely address whether a rate cut is warranted. He pointed to the “FOMC minutes” (link provided by Reuters) as a key source for gauging the committee’s sentiment, noting that the minutes have increasingly reflected a consensus for easing.

4. Communication Strategy – Forward Guidance
   Miran also discussed the Fed’s communication strategy. “We want to ensure that markets have a clear understanding that we are not in a hurry to raise rates again,” he said. He referenced the Fed’s “Statement of Economic Outlook” (link to the Fed website) and explained how forward guidance aims to set expectations about the future path of the federal funds rate. By offering clearer signals, the Fed hopes to reduce market volatility and support continued economic growth.

5. Potential Risks and Caveats
   While optimistic, Miran acknowledged potential risks that could slow the easing process. He cited ongoing supply‑chain disruptions, a potential uptick in commodity prices, and the risk of a slowdown in global demand. “We’re mindful of these headwinds,” he said, “and will keep a close eye on the data.”

Additional Context from Followed Links

• Fed’s Official Statements and Minutes
  The interview references the Fed’s most recent policy statement, which is available on the Fed’s website under “Monetary Policy.” The statement highlights the Fed’s decision to keep the federal funds target unchanged but hints at a potential rate cut. The “FOMC minutes” link (https://www.federalreserve.gov/monetarypolicy/fomcminutes.htm) offers detailed insights into the committee’s deliberations and the balance of opinions among members.

• Economic Data Releases
  The article includes a link to the U.S. Bureau of Economic Analysis (BEA) website for the latest GDP figures (https://www.bea.gov/news/2025/q3-gdp). The data confirm that GDP grew at a 2.4 % annualized rate in Q3, exceeding the Fed’s 2 % growth target.

• Inflation Tracking
  A reference is made to the PCE inflation data released by the Bureau of Labor Statistics (BLS) (https://www.bls.gov/).

• Yahoo Finance Interview Transcript
  The full transcript of Miran’s interview with Yahoo Finance is hosted on the Yahoo Finance website (https://finance.yahoo.com). The transcript provides further detail on Miran’s view of the labor market, consumer spending, and the Fed’s stance on inflation.

Implications for Markets and Investors

Miran’s comments are likely to influence bond markets, as expectations for a rate cut shift downward. The U.S. Treasury yields have already begun to move in anticipation, with the 10‑year yield trading at 4.2 % following the interview. Equity markets may also react, as lower rates typically boost valuation multiples, particularly in growth sectors that rely on borrowing costs.

For investors, the key takeaway is the Fed’s increased willingness to ease monetary policy. This suggests a more accommodative environment in the coming quarters, which could benefit sectors such as real estate, technology, and consumer discretionary. However, investors should remain alert to any data surprises—especially in inflation and employment—that could prompt the Fed to reconsider its stance.

Conclusion

Mike Miran’s interview with Yahoo Finance signals a notable shift in the Federal Reserve’s approach. While the central bank continues to emphasize data‑driven decision‑making, the emphasis on potential rate cuts reflects confidence that the economy can sustain growth without the drag of higher borrowing costs. As the next FOMC meeting approaches, market participants will closely monitor economic releases and the Fed’s communications to gauge the exact timing and magnitude of any forthcoming easing. The interplay between the Fed’s policy signals, market expectations, and economic data will shape the U.S. financial landscape for the remainder of 2025 and beyond.