Chief Economist of China Aviation Securities Dong Zhongyun: Milan's position this time is essentially a White House's public "restraint" on the monetary authorities.

Dong Zhongyun, chief economist of AVIC Securities, told reporters that the newly appointed board member Milan cast the only dissenting vote, advocating for a more aggressive 50 basis point rate cut. The signal released can be interpreted from a dual perspective. Firstly, considering Milan's position as chairman of the White House Economic Advisory Committee, and the fact that his appointment as a Federal Reserve board member went through multiple rounds of operation by the Trump administration before being confirmed by the Senate, Milan's stance this time can be seen as the White House's public "restraint" on the monetary authorities. This vote not only expresses direct dissatisfaction with the current rate cut size and pace, but also embeds political demands into the interest rate decision-making process in the form of "objection", with its political symbolic significance far exceeding its impact on the actual interest rate path. Secondly, the overwhelming 11-1 vote result highlights the Federal Reserve's internal "cohesion" under high pressure environments. While dissent exists, consensus remains strong, indicating that Powell has essentially achieved strategic integration at the voting committee level, temporarily resisting explicit political interference from the White House and maintaining the independence and credibility of the Fed's monetary decision-making. However, Milan's radical proposal, while not shaking this rate decision, has laid the groundwork for future maneuvers.