The new Federal Reserve governor Milan clarified the communication with Trump, emphasizing that the interest rate cut stance is made independently

Stephen Milan, the new governor of the Federal Reserve, issued a public clarification on his communication with US President Trump on Friday, stressing that his vote at this week's monetary policy meeting was made independently and without any political interference. Earlier, the Federal Reserve announced a 25 basis point interest rate cut, but Milan voted against the interest rate decision, arguing that the rate cut should be extended to 50 basis points. He explained after the meeting that the decision was based on his independent judgment of the economic situation. In response to outside attention, Milan said that he only had a brief exchange with President Trump before the announcement of the interest rate decision. "He [Trump] called me on Tuesday morning just to congratulate me, nothing more," he said. Mr. Milan stressed that the two sides had "never discussed how I should vote or mentioned my'dot plot 'position in the Fed's summary of economic forecasts".