Fed's Bowman Says 'Not Yet' Appropriate to Cut Rates

Looking ahead, I will be closely watching the incoming data as I assess whether US monetary policy is sufficiently restricted to bring inflation down to our 2% goal over time. The extent and frequency of revisions to U.S. economic data since the pandemic have made the task of assessing the current state of the economy and the outlook even more challenging. My baseline outlook continues to be that the US that US inflation will return to the Fomc's 2% goal with the target range of the federal funds rate held at its current level of five and 4:45 and a half percent for some time. But should the incoming data indicate that inflation is moving sustainably toward our 2% goal? It will eventually become appropriate to gradually lower the federal funds rate to prevent monetary policy from becoming too restrictive. However, we're still not yet at the point where it's appropriate to lower policy the policy rate. In my view, we should consider a range of possible scenarios that could unfold when considering how the FOMC monetary policy decisions may evolve. I remain willing to raise the target range for the federal funds rate at a future meeting should progress on inflation stall or even reverse. Given the risks and uncertainties regarding my economic outlook, I will remain cautious in my approach to considering future changes. In the stance of policy.