'Should the incoming data continue to show that inflation is moving sustainably toward our 2% goal, it will become appropriate to gradually lower the federal...
FILE PHOTO: Federal Reserve Governor Michelle Bowman gives her first public remarks as a Fed policymaker at an American Bankers Association conference in San Diego
The Fed at the end of July kept the policy rate in the same 5.25%-5.50% range it has been for more than a year, but signaled that a rate cut could come as soon as September if inflation continued to cool. Inflation by the Fed's targeted measure -- the year-over-year change in the personal consumption expenditures price index - eased to 2.5% in June.
While Bowman reiterated that her baseline outlook is for inflation to continue to decline with monetary policy held steady, she expressed skepticism that price pressures will ease as quickly this year as they did last year.
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