Waller and Bowman: The New Trumpian Doves
For much of this year, the Federal Reserve has held interest rates steady after a series of cuts in late 2024. But that fragile consensus may be breaking.
On Monday, Fed Governor Michelle Bowman, one of the central bank’s most hawkish members in 2023 and 2024, said she could support cutting rates again as soon as the July 30 meeting—marking a dramatic shift from her prior stance. Her remarks, delivered in Prague, came just days after Governor Christopher Waller said he too could back a cut next month.
“I would support lowering the policy rate as soon as our next meeting,” Bowman said, provided inflation pressures remain subdued. She also pointed to the White House’s new
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