Trump’s Fed appointee wanted bigger interest rate cut

President Trump’s new appointee to the Federal Reserve wanted a bigger rate cut than the quarter of a percentage point reduction. Trump economic advisor Stephen Miran was a late addition to the Fed’s Board of Governors this week. And he stood alone after the interest rate announcement. Miran was the only Fed policymaker who dissented from the decision to cut rates by a quarter of a point. Miran preferred a larger half-point cut, but Fed Chairman Jerome Powell said later there wasn’t “very much support” for the bigger-size cut among Fed officials.