Federal Reserve Vice Chair Michelle Bowman has expressed her support for a potential interest rate cut as early as the upcoming July monetary policy meeting, provided that inflationary pressures remain under control. Speaking at a conference in Prague, Czech Republic, Bowman highlighted her stance on monetary easing, which marks a significant position given her previous reputation as a hawkish figure within the Fed.
Bowman's recent appointment as Vice Chair for Supervision follows her tenure as a Fed Governor, a role she took on earlier this month after being nominated by former U.S. President Donald Trump. Her remarks align with a growing sentiment within the Fed, as echoed by Fed Governor Christopher Waller. Waller, known as a moderate hawk, suggested in a CNBC interview on June 20th that the Federal Open Market Committee (FOMC) should start contemplating a rate cut during the July session.
The Fed's potential shift towards easing monetary policy reflects a nuanced approach to balancing economic growth with inflation control. Bowman's statement underscores a readiness to adjust policy should inflation remain contained, signaling a departure from the traditionally more hawkish stance associated with her tenure. As the July meeting approaches, market participants will closely monitor inflation indicators and Fed communications for further cues on the direction of U.S. monetary policy.
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