Federal Reserve Governor Bowman: Be cautious about cutting interest rates

Fed Governor Bowman said there were upside risks to inflation and continued strength in the labor market, suggesting she may not be prepared to support a rate cut at the next meeting of U.S. central bankers in September. She said the progress made in reducing inflation in May and June was welcome, but that inflation remained above the committee's 2 percent target, which was troubling, and I would be cautious as I consider adjusting my current policy stance. She also said U.S. fiscal policy, 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 percent may have overstated the extent of the cooling labor market.