Federal Reserve Governor Michelle Bowman expressed her disagreement with the central bank's decision to reduce interest rates by 50 basis points, opting instead for a smaller 25 basis point cut. She cited concerns about inflation and uncertainty in labor market data.
Federal Reserve Governor Michelle Bowman on Friday issued a statement explaining her decision to dissent from the central bank's decision to cut interest rates by 50 basis points. The Federal Open Market Committee , the Fed's policymaking arm, lowered its target range for the benchmark federal funds rate from a range of 5.25% to 5.5% to 4.75% to 5%. It cited progress in lowering inflation toward the Fed's 2% target and noted a strong but softening labor market.
I am also taking signal from continued solid growth in the spending data, especially consumer spending, reflecting a healthy labor market," she added. Bowman also cited concerns that inflation remains above the Fed's 2% target rate. The U.S. Department of Labor's consumer price index , a popular inflation gauge, was up 2.5% in August from a year ago.
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