Fed’s Waller, Bowman Cite Labor-Market Worries for Dissents

Federal Reserve Governors Christopher Waller and Michelle Bowman expressed concerns that the central bank’s hesitance to lower interest rates could risk unnecessary damage to the labor market.

Waller and Bowman voted against the Fed’s decision this week to hold its benchmark rate steady for a fifth consecutive time. Both preferred a quarter-point reduction. In separate statements released Friday, the two explained their rationales for dissenting, with each emphasizing signs of growing labor-market weakness.