Fed Governor Stephen Miran Pushes for 50 Bps Rate Cut Ahead of December FOMC Meeting

Federal Reserve Governor Stephen Miran has once again called for a 50 basis point (bps) rate cut ahead of the upcoming December Federal Open Market Committee (FOMC) meeting, reinforcing his dovish stance that could significantly influence the U.S. economy and crypto markets. In a CNBC interview, Miran stated that a 50 bps cut is “appropriate,” though a minimum 25 bps cut should still be made. He emphasized that his outlook could shift depending on incoming economic data before the meeting.

Miran remains the sole FOMC member to vote for a 50 bps reduction this year, having dissented during both the September and October sessions. His latest remarks follow the Fed’s 25 bps cut at the October meeting, which marked the second rate cut of 2025. With the U.S. government possibly ending its shutdown this week, the Fed will likely have more data to assess before December 10. However, Miran cautioned against basing policy solely on current data, stressing that monetary policy should anticipate economic conditions 18 months ahead. He pointed to cooling inflation and a weakening labor market as key reasons for adopting a more accommodative stance.

CME FedWatch Tool data currently shows a 62.6% probability of a 25 bps rate cut in December, while 37.4% of analysts expect rates to remain steady. Meanwhile, San Francisco Fed President Mary Daly urged policymakers to maintain an “open mind,” highlighting that inflation has eased and labor market risks have increased. Fed Governor Chris Waller also supports continued cuts but favors the current pace over larger reductions. Despite the growing divide among officials, markets are closely watching December’s decision, which could set the tone for monetary policy and risk assets like cryptocurrencies heading into 2026.