PANews reported on November 8th that Federal Reserve Governor Milan stated at an event this week that the continued growth of stablecoins could significantly lower the "neutral interest rate" in the future. This change implies that the Fed's policy rate should also be lowered accordingly, otherwise it will put contractionary pressure on the economy. Milan stated that even according to a "relatively conservative" forecast, the expansion of stablecoins will increase the net supply of loanable funds in the economy, thereby putting downward pressure on the neutral interest rate. He pointed out: "If the neutral interest rate falls, the policy rate should also be lowered in tandem to maintain a healthy economy. If the central bank refuses to cut rates after the neutral interest rate has fallen, it is a contractionary act."