Federal Reserve (Fed) Board of Governors member Michelle Bowman clarified on Friday why the policymaker voted against the Fed's 50 bps jumbo rate cut this week.
Fed eral Reserve Board of Governors member Michelle Bowman clarified on Friday why the policymakervoted against the Fed 's 50 bps jumbo rate cut this week. Fed Governor Waller goesdown in the books as the first Fed Governor to vote against both the consensus and the Fed Chairsince 2005. Key highlights I agreed it was appropriate at this meeting to recalibrate the Fed funds rate level, but I preferred a smaller first move. We have not yet achieved the inflation goal.
Such an approach would avoid unnecessarily stoking demand. The economy remains strong and labor market remains near full employment. I believe moving at a measured pace toward a more neutral policy stance will ensure further progress is made in returning inflation to 2% goal. My reading of labor market data has become more uncertain because of measurement challenges, difficulty assessing immigration impact.
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