Bowman Dissent Over Cut Is First From a Fed Governor Since 2005
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Michelle Bowman cast the first dissenting vote by a Federal Reserve governor since 2005, preferring to cut rates by a smaller amount at Wednesday’s policy meeting.
The Fed cut rates by 50 basis points, or half a percentage point, while Bowman was in favor of a 25-basis-point cut, according a statement by the central bank. She has remained cautious about disinflation, saying in an Aug. 20 speech that price growth remained “uncomfortably” above the Fed’s 2% goal and arguing for lowering the fed funds rate “gradually.”