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A high-ranking member of the Federal Reserve’s policy-setting committee said Tuesday she does not expect interest rates to come down in 2024, another wrench in the market’s broad hopes for stimulatory rate cuts in the near future, particularly dousing optimismMichelle Bowman, one of the Fed’s seven governors and one of the 12 voters on the Federal Open Markets Committee, doesn’t expect lower interest rates until “future years.
“I remain willing to raise” rates “should progress on inflation stall or even reverse,” warned Bowman, reiterating her commitment to the Fed’s long-held 2% inflation target 335-0739 or sign upBowman’s caution casts further doubt on whether the first U.S. rate cut since 2020 will come at one of the Fed’s two remaining meetings ahead of the election.