Federal Reserve Governor Bowman: Labor market cooling exaggerated, cautious about rate cuts

On August 11, Federal Reserve Governor Bowman said that there are upside risks to inflation and the labor market continues to strengthen, indicating that she may not be ready to support a rate cut at the next meeting of U.S. central bankers in September. She said that the progress made in reducing inflation in May and June was welcome, but that inflation was still above the Committee's 2% target, which is troubling, and I will remain cautious when considering adjusting my current policy stance. She also said that U.S. fiscal policy, the pressure on the housing market from immigration, and geopolitical risks could all put upward pressure on home prices, and that the recent jump in the unemployment rate to 4.3% may have exaggerated the extent of the labor market cooling.