Michelle Bowman, the Federal Reserve’s vice chair of supervision, on Aug. 9 said that recent job data corroborates her concerns over labor market fragility and backs up her position that three interest rate cuts should be instituted this year.
Last month, Bowman was one of two Fed governors who dissented from the central bank’s decision to keep short-term borrowing costs in the 4.25 percent to 4.5 percent range that they have been in since December 2024.
The other Fed Board of Governors member who dissented was Christopher Waller.
The Federal Reserve has appeared cautious about lowering interest rates, citing uncertainty over President Donald Trump’s tariffs and their impact on reaching the central bank’s 2 percent inflation target. However, in recent days, several Fed officials have appeared more sympathetic to cutting rates….
Fed Official Says Latest Jobs Data Supports 3 Rate Cuts in 2025
