One of the Fed governors cited ongoing concerns about inflation on Wednesday, while the other expressed confidence that price pressures will continue to ease
Two Federal Reserve governors on Wednesday laid out competing visions of where U.S. monetary policy may be heading, with one citing ongoing concerns about inflation and another expressing confidence that price pressures will continue to ease.
Once seen as highly likely, investors now put just 55 per cent odds on a rate cut next month. Recent data showing strong economic growth and sticky inflation have partly driven that shift in expectations, and Donald Trump’s victory in the Nov. 5 presidential election has added to the sense of risk and uncertainty around the path of inflation.
“We have seen considerable progress in lowering inflation since early 2023, but progress seems to have stalled in recent months ... I would prefer to proceed cautiously in bringing the policy rate down to better assess how far we are from the endpoint,” Bowman said, noting that the Fed’s Nov. 7 policy statement “included a flexible, data-dependent approach, providing the Committee with optionality in deciding future policy adjustments.
Cook, in remarks at the University of Virginia in Charlottesville, did not explicitly endorse a rate cut next month, and included the usual policymaker caveats that monetary policy was not on a predetermined course.
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