Federal Reserve official Milan said he still hopes to cut interest rates this year.

Federal Reserve Board member Stephen Milan stated in an interview with Fox Business News on Tuesday that he still advocates for a substantial interest rate cut by the Fed this year. Milan said, "I lean towards cutting rates by just over 1 percentage point for the whole year." He believes that current monetary policy is too tight for the economy, despite inflation still being above the 2% target, core price pressures have eased. Milan stated that the fundamentals of inflation are stabilizing, coupled with strong economic growth driven by reduced regulatory burdens, means the Fed can cut interest rates without reigniting inflationary pressures.