Federal Reserve Governor Michelle Bowman denies being pressured by Trump and plans to explain in detail next week why she advocates a 50 basis point rate cut

According to the Zhitong Finance APP, Federal Reserve Governor Milan stated in an interview on Friday that he had only a brief phone call with President Trump before this week's interest rate decision and did not feel any pressure to vote.

Milan revealed that Trump called him on Tuesday morning to congratulate him on becoming a Federal Reserve Governor, but they did not discuss interest rate decisions or economic forecasts. Milan emphasized, "I did not talk to him about my voting position."

At this week's Federal Open Market Committee (FOMC) meeting, the Federal Reserve decided to cut interest rates by 25 basis points with a vote of 11 to 1, lowering the federal funds rate range to 4.00%-4.25%. Milan was the only dissenting vote, advocating for a one-time cut of 50 basis points, indicating a clearly more accommodative stance. His "dot plot" forecast also showed that the federal funds rate at the end of the year should be significantly lower than the median expectations of the other 19 officials present.

Since Trump began his second term in January, concerns about the independence of the Federal Reserve have intensified. Trump has publicly pressured the Fed to aggressively cut rates, even openly calling Fed Chairman Powell "Mr. Too Late," contrasting sharply with the usual practice of previous administrations to apply pressure through private communication.

Trump has not only frequently criticized Powell but also sought to remove Fed Governor Cook and stated that he would conduct a "policy stance test" for Powell's successor next year, requiring candidates to support further rate cuts.

There have been doubts about Milan's potential conflicts of interest, as he was previously the head of the President's Council of Economic Advisers before taking the position of Governor, leaving only on "leave" rather than resigning. In response, Milan stated that these concerns are "somewhat ridiculous" and that he would only serve until January 2026.

"If the president tells me he wants me to stay on after January 2026, I will resign immediately, without any hesitation," Milan said. He added that the external doubts have prompted him to plan to "explain in detail" next Monday's speech why his views differ significantly from those of other governors and to provide a comprehensive explanation to the public