Fed Governor Advocates Rate Cuts Amid Weakening Labor Market

According to PANews, Federal Reserve Governor Michelle Bowman has highlighted the recent significant downward revision in employment growth data as a reason for the Fed to consider interest rate cuts. She noted that the evident weakness in the labor market outweighs the potential risk of future inflation increases. Bowman anticipates supporting rate cuts in all three remaining Federal Reserve meetings this year. As signs of slowing economic growth and weakening job market become more apparent, she believes it is appropriate to gradually shift from a moderately restrictive policy stance to a neutral one.