Author：Currency Explorer

Federal Reserve Governor Stephen Miran said the strong January jobs data was indeed unexpected, but it does not mean policymakers should postpone further rate cuts.

Milan pointed out that supply-side reforms such as deregulating businesses are already on the agenda, and the expected slowdown in housing inflation will create conditions for policymakers to continue lowering benchmark interest rates. Since joining the Federal Reserve Board of Governors last September, Milan has voted against rate cuts at every policy meeting, advocating for larger-scale rate cuts than his colleagues.

"For a number of reasons, I would like to see interest rates go lower,"In an interview with Fox Business, Milan said, "Today's jobs data does make me optimistic about the economic outlook, but frankly, with the supply side continuing to unleash its potential, there is still room for monetary policy to take a supporting stance."

Milan also stated on Wednesday thatHe would be "very happy" to remain at the Federal Reserve for an extended period.But the decision-making power does not lie with him.

Milan's term expired on January 31. Although he could remain in office until a new candidate is confirmed, his seat on the Federal Reserve Board of Governors is currently the only one that would allow Trump to nominate Kevin Warsh to succeed him as Fed Chair—unless current Chairman Powell resigns from his post when his term expires in mid-May. Powell has not yet revealed what he will do, and his Fed Board seat will not expire until January 2028.

“What happens later this year depends on a number of factors: on whether there is a vacancy, on the president’s choice, and on the Senate’s decision,” Milan told Fox Business. When pressed on whether he would like to remain at the Federal Reserve, Milan said, “Of course I would, but it’s not up to me. There has to be a vacancy first.”

New data released Wednesday showed that the U.S. added 130,000 nonfarm jobs in January, and the unemployment rate fell to 4.3%. Analysts said this data eased concerns about rising unemployment when the Federal Reserve is expected to cut interest rates three times in a row by the end of 2025.

Traders have reduced the probability of a rate cut at the June meeting to below 50%—a point previously considered the most likely window for the next rate cut.

Earlier,Trump praised the non-farm payroll data and urged the Federal Reserve to cut interest rates to the "lowest in the world."

Trump tweeted, "Great jobs data, far exceeding expectations! The U.S. should pay far less interest on borrowing costs (bonds!)! We are once again the world's leading power and therefore deserve the lowest interest rates ever. This will result in at least a trillion dollars in interest savings annually—not only will the budget be balanced, but it will also have a significant surplus. Wow! America's golden age has arrived!!!"