---
title: "Federal Reserve Board Governor Michelle Bowman: The growth of stablecoins may long-term suppress the neutral interest rate"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/264932379.md"
description: "Federal Reserve Board member Milan pointed out that the growth of stablecoins may exert downward pressure on the neutral interest rate, with an expected increase in the net supply of lendable funds leading to a decline in the neutral interest rate. If the neutral interest rate decreases, the policy rate should be adjusted downward accordingly to support the economy; otherwise, it will tighten policy. He mentioned that changes in immigration policy and tariff measures from the Trump administration have contributed to the decline in the neutral interest rate, while the current policy rate is above that level, putting pressure on the U.S. economy"
datetime: "2025-11-07T21:15:56.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/264932379.md)
  - [en](https://longbridge.com/en/news/264932379.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/264932379.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/264932379.md) | [繁體中文](https://longbridge.com/zh-HK/news/264932379.md)


# Federal Reserve Board Governor Michelle Bowman: The growth of stablecoins may long-term suppress the neutral interest rate

Stephen Miran, a Federal Reserve Board member appointed by President Trump, stated on Friday that the growth of stablecoins may exert significant downward pressure on the neutral interest rate over time.

He mentioned that even relatively conservative growth forecasts for stablecoins would lead to an increase in the net supply of lendable funds in the economy, thereby exerting a downward influence on the neutral interest rate. If the neutral interest rate declines, the policy rate should also be adjusted downward to support the healthy functioning of the economy; conversely, not lowering interest rates would effectively equate to tightening policy.

He pointed out that several factors, including changes in immigration policy and tariff measures from the Trump administration, have already caused the neutral interest rate to decline, while the current policy rate is significantly above that level, putting considerable pressure on the U.S. economy

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