Is the long wait to cut interest rates winding down?

Federal Reserve Governor Michelle Bowman wants the Fed to ditch its "wait-and-see" approach to monetary policy and begin to substantially lower interest rates starting next month.

In her remarks, Bowman cited weakness in recent labor market data, plus signs that tariff inflation appears transitory, before regional senior banking leaders Aug. 9 in Colorado.

Related: A divided Federal Reserve mulls interest rate cut after wild week

She warned that failure to implement multiple cuts in the benchmark Federal Funds Rate this year would risk longer-term economic instability.

Her speech came two days after President Donald Trump nominated long-time ally Stephen Miran to fill a temporary vacancy at the Fed, sparking concerns of increasi

See Full Page