Fed policy too restrictive, Miran says, repeating call for rate cut

Federal Reserve Governor Stephen Miran on Wednesday repeated his view that he expects inflation to fall and again called for reducing the Fed policy rate.

"I think it's incumbent upon us to get monetary policy right — to get it out of such a restrictive state that would eliminate some of the downside risks to the economy," Miran said at the University of Cambridge's business school. Miran, who is expected to return to his post as White House economic advisor when his term as Fed governor ends in January, dissented at both of the Fed's most recent rate-setting meetings, calling for a half-point rate cut instead of the quarter-point reduction the Fed delivered.