Michelle Bowman, the Federal Reserve’s vice chair of supervision, on Aug. 9 said that recent job data corroborates her concerns over labor market fragility and backs up her position that three interest rate cuts should be instituted this year.
Last month, Bowman was one of two Fed governors who dissented against the central bank’s decision to keep short-term borrowing costs in the 4.25 percent to 4.5 percent range that they’ve been in since December 2024.
