Federal Reserve's staunch dove governor Mylan announces resignation

Federal Reserve Governor Stephen Milan officially submitted his resignation on Thursday, stating that he would vacate his seat on the Federal Reserve Board at or before the inauguration of the new chairman, Kevin Warsh.

Milan took over her position on the board after Adriana Kugler's sudden resignation in August 2025. Milan has played a dissenting role in the Federal Open Market Committee (FOMC), which is responsible for setting interest rates. In the six FOMC meetings he attended, he voted "no" each time.

He stated that he believes personal consumption expenditures (PCE) inflation, particularly in housing, will gradually return to normal levels, and reiterated that, given the lagging nature of monetary policy, he believes it is necessary to cut interest rates.

Milan has consistently advocated for lower interest rates and opposed the three rate cuts of 25 basis points each approved by the FOMC in 2025, as he supported larger cuts. This year, he voted three times against the decision to maintain interest rates, instead supporting a 25 basis point cut.

Additionally, he mentioned that he has been pushing for a more forward-looking monetary policy approach and believes the Federal Reserve "needs to better consider non-monetary factors and their impact on monetary policy." He specifically pointed out the effects of slowing population growth and reduced immigration on employment, as well as the deflationary pressures brought about by regulatory easing.