Federal Reserve Governor Bowman: A sharp interest rate cut could be seen as an early declaration of victory against inflation

Bowman, the governor of the Federal Reserve, said it was appropriate to agree at the September meeting to readjust the level of the federal funds rate, but preferred to implement a smaller rate cut for the first time; worried that the Fed's larger policy actions could be prematurely interpreted as a victory statement against inflation; spending data continue to grow solidly; inflation above target remains a concern; the economy remains strong and the labor market is near full employment; respect and appreciate colleagues' preference for deeper rate cuts and remain committed to working with them to ensure policy is properly positioned to achieve dual-mandate objectives.