[Federal Reserve Governor Milan: Continued Growth of Stablecoins May Significantly Lower the 'Neutral Rate' in the Future] Federal Reserve Governor Milan stated at an event this week that the continued growth of stablecoins may significantly lower the 'neutral rate' in the future. This change implies that the Federal Reserve's policy rate should also be adjusted downward accordingly; otherwise, it could exert contractionary pressure on the economy. Milan noted that even under 'relatively conservative' projections, the expansion of stablecoin scale would increase the net supply of lendable funds in the economy, thereby exerting downward pressure on the neutral rate. He pointed out: 'If the neutral rate decreases, the policy rate should also be lowered in tandem to maintain the healthy operation of the economy. If the central bank refuses to cut rates after the neutral rate declines, it constitutes a tightening action.'