Stephen Miran, a member of the Federal Reserve Board of Governors, said the current restrictive interest rate should be reduced by more than 1 percentage point this year. Miran, who opposed the central bank’s decision to hold rates steady last week, stated, “I do not see strong inflationary pressures in the economy, and I believe rates have been kept too high.” He has previously criticized gradual rate cuts and called for larger reductions.

Thomas Barkin, President of the Federal Reserve Bank of Richmond, said last year’s interest rate cuts helped support the labor market. He emphasized that bringing inflation back to the 2 percent target will require further effort. Barkin noted that while economic trends remain positive, job growth is concentrated in a few sectors and inflation remains above the central bank’s target.

Talks between Iran and the United States are being held today at 10 in Oman. The United States is calling for Iran’s uranium enrichment to be reduced to zero, and the question is how far the Islamic Republic is willing to make concessions. According to Al Mayadeen, the talks are indirect and focus solely on nuclear issues. Meanwhile, China’s Vice Foreign Minister stated that Beijing supports the Islamic Republic of Iran in preserving its sovereignty, security, and territorial integrity.

Ms. Bullock, Governor of the Reserve Bank of Australia, stated that a more restrictive monetary policy is required to achieve sustainable inflation control. According to Michelle Bullock, inflation has increased and will not return to the target range of 2 to 3 percent until mid-2027. She cited severe economic capacity constraints and a labor market close to full employment as the reasons for higher interest rates.