Federal Reserve Governor Stephen Moore [Reuters Yonhap News]

Stephen Moore, a former economic advisor to U.S. President Donald Trump and a governor of the Federal Reserve (Fed), stated on the 6th (local time) that an aggressive benchmark interest rate cut of over 1% point is necessary within the year.

In an interview with Fox Business on the same day, Moore said, "I think monetary policy is clearly restrictive and is holding back the economy," adding, "I believe an interest rate cut of over 100 basis points (1 basis point = 0.01% point) this year is justified."

Moore assessed that core inflation is already at the Fed's target of 2%, and projected that the U.S. economy will continue its solid growth this year. However, he noted that this outlook might not be maintained if the Fed does not lower its benchmark interest rate.

The Fed had previously cut its benchmark interest rate by 0.25% point three consecutive times in September, October, and December of last year.

Moore had dissented during this process, arguing for a 0.50% point cut instead of a 0.25% point cut each time.

Moore's term as a Fed governor is until January 31st, the remainder of the term of former governor Adriana Kugler, who resigned early. However, there is a possibility of reappointment.