Milan called for quantitative easing to rescue the market and said that interest rates should be cut by 150 basis points this year.

Federal Reserve Governor Jerome Milan said he expects a 150-basis-point rate cut this year to boost the labor market. Describing the constraints of monetary policy, Milan said the underlying inflation rate is likely to remain around 2.3%, meaning Fed officials still have room for further rate cuts. Milan stated that the underlying inflation rate fluctuating within the target range is a good indicator of the overall inflation trend over the medium term. "About one million Americans are currently out of work, but if they were employed, it wouldn't cause unnecessary inflation," Milan said. He indicated that it is unclear whether he will remain at the Fed after his term ends. Many Fed watchers expect Trump to use Milan's current seat to place his chosen successor on the board. However, if Jerome Powell leaves the Fed after his term as chairman ends in May, another seat may become available. (Jinshi)