Institution: The nomination of the Federal Reserve Board of Governors in Milan is of little significance.

Jin10 data reported on August 8 that Ryan Sweet, chief economist for the US at Oxford Economics, stated that the nomination of Milan as a temporary Fed governor is not significant in terms of changing the monetary policy path. The biggest uncertainty lies in whether he can secure Senate confirmation in time to have voting rights at the September meeting. If he can make it, the possibility of three dissenting votes will rise in the case that the Fed chooses not to cut interest rates in September. However, I do believe that the likelihood of an interest rate cut in September is increasing, not because of this nomination, but due to recent changes in labor market data.