Federal Reserve Governor Michelle Bowman considers interest rates on hold for the time being until the data shows inflation has resumed its downward trend.
Bowman was the lone dissenter on the FOMC’s September decision to lower the federal-funds rate by half a percentage point, preferring a smaller cut. She voted in favor of quarter-point decreases in November and December.
After a cumulative percentage point of rate cuts by the Fed, Bowman called the December decision the “final step in the policy recalibration phase,” justified by the progress in lowering inflation and a cooler labor market seen since the summer 2023.
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