Key Insight: Fed Gov. Stephan Miran said emerging strains in the housing and private credit markets strengthen the case for a rate cut in December.Expert quote: "Barring new information that would alter my forecasts, I think 50 basis points is appropriate, as I've said in the past, but at a minimum 25." – Fed Gov. Stephan Miran.What's at stake: Miran's remarks come as views among voting members of the Fed's rate-setting committee are splitting ahead of the December meeting, with some officials warning that inflation remains a stubborn concern.Federal Reserve Governor Stephan Miran continues to push for a cut to short-term interest rates at the Federal Open Market Committee meeting scheduled for December, but appears to be softening on how large the reduction should be.

Speaking Monday on CNBC, Miran said his forecasts still call for some type of reduction, even if it is 25 basis points.

"Nothing is certain," Miran said. "We could get data that would make me change my mind between now and then. But barring new information that would alter my forecasts, I think 50 basis points is appropriate, as I've said in the past but at a minimum 25."

Since being confirmed to the Fed two months ago, Miran has consistently argued that the central bank should take a more dovish approach to monetary policy. He dissented in both the September and October FOMC meetings, favoring a 50 basis point cut rather than the 25 basis point move approved by the committee.

Another dissenter at the October meeting was Federal Reserve Bank of Kansas City President Jeffrey Schmid, who preferred to keep rates unchanged, citing a healthy economy and labor market.

During his CNBC interview, Miran said he disagreed with Schmid's assessment, noting that he "doesn't see the same thing" and pointing to financial conditions being tight in certain sectors including housing.

"Congress didn't tell us to make policy for financial conditions, but to make policy for maximum employment and stable prices," Miran said. "Financial conditions are a tool we work with to achieve those goals. There are parts of financial conditions that seem quite loose — you can look at valuations in some equity or credit markets — but there are other markets where they appear quite tight. You look at something like housing, and it looks like financial conditions are quite tight."

He also highlighted stresses emerging in some private credit markets.

"Those aren't going into the price indices, price indices that [Schmid's] looking at when he's quoting something like that," said Miran. "So I think the situation is much more nuanced, much more nuanced than what he described."

Miran's comments come as views among voting members of the Fed's rate-setting committee ahead of the December meeting are beginning to diverge, with some officials warning that inflation remains a persistent concern. Additionally, the Fed has no official data to gauge the health of the economy amid the ongoing government shutdown.

Miran, as has been the case in previous appearances, stressed the importance of being "forward looking" on how the inflation picture will pan out, reiterating his belief that there are "continuing declines in inflation based on the catch up of shelter inflation to actual market rents."

"It seems to me like we're heading for a situation in which inflation is going to be coming down quickly in the labor markets," he said.

The Fed official, one of the architects of the Trump administration's trade policy, once more swatted away the notion that tariffs would have a long-term impact on inflation.

"People have been worried about that all year long," he said. "People have been moving in my direction on tariff inflation all year long. And on top of that, if tariff inflation does materialize, it is the definition of the type of thing that the central bank should look through."

Sara Eisen, one of the CNBC anchors interviewing Miran, asked whether his dovish monetary policy stance is motivated by a desire to support economic activity by lower-income consumers. Miran deflected the question, saying his motive is purely to maximize employment and keep prices stable.

"We weren't tasked with tackling inequality and other items like that," he said. "We were tasked with maximum employment and stable prices."