鲍曼投票反对美联储9月份降息50个基点，这是近20年来货币政策委员会中首次有美联储理事投反对票，她倾向于采取更小的降息幅度。本月，她与她的同事们一起投票赞成将基准贷款利率下调25个基点，从而将基准利率下调至4.5%-4.75%之间。Bowman's latest speech indicates that if the labor market remains strong while progress on inflation is slow, she may not support a rate cut in December.
Federal Reserve Governor Michelle Bowman said she hopes to proceed cautiously on further interest rate cuts as progress in lowering inflation has slowed down.
Speaking at the Forum Club of Palm Beaches in West Palm Beach, Florida on Wednesday, Bowman said, "I lean toward lowering policy rates cautiously to better assess how far we are from the finish line, while recognizing that we have not yet reached our inflation target and closely monitoring changes in the labor market."
Bowman voted against a 50 basis points rate cut by the Federal Reserve in September, marking the first time a Fed governor dissented in nearly 20 years within the Federal Open Market Committee. She tends to favor a smaller rate cut. This month, she and her colleagues voted in favor of decreasing the benchmark lending rate by 25 basis points, bringing it to a range of 4.5% to 4.75%.
Futures traders see a slightly higher than 50% chance of another rate cut next month. Bowman's remarks suggest that if the labor market remains strong and inflation progress falters, she may refrain from such action.
Bowman stated in her speech: "Since the beginning of 2023, we have made significant progress in reducing inflation, but progress in recent months seems to have stalled. We should not rule out the risk that policy rates may reach or fall below a neutral level before we achieve our target of stable prices."
She pointed out that as the Fed's preferred inflation indicator, the 12-month core personal consumption expenditure price index has been fluctuating sideways around 2.7% since May. She stated that preliminary data indicates limited progress in October as well.
Bowman also criticized regulatory authorities for their response to bank failures, including the Silicon Valley Bank collapse, at the beginning of 2023 in her remarks.
"A crisis is not a blank regulatory check," she said. "Promoting safety, soundness, and financial stability should not evolve into regulating the distribution of credit - picking winners and losers or promoting ideological positions through more open procedures such as bank supervision and review."
