Expert: Milan's nomination as a member of the Federal Reserve Board has limited impact

Ryan Sweet, Chief Economist of Oxford Economics, stated that nominating Milan as an interim member of the Federal Reserve has limited impact on the path of monetary policy. The key is whether he can be confirmed by the Senate in a timely manner and participate in the September meeting vote. If participating and the Federal Reserve maintains interest rates unchanged, the number of opposition votes may increase. Meanwhile, Sweet believes that recent changes in labor market data have increased the likelihood of a rate cut in September, which is not directly related to the nomination.