Fed's Bowman sees no interest rate cuts this year

Federal Reserve Governor Michelle Bowman said Tuesday that she does not expect to cut interest rates before the end of the year – and remains willing to hike again if progress on inflation stalls. "We are still not yet at the point where it is appropriate to lower the policy rate," Bowman said during a prepared speech in London.

Although policymakers left the door open to rate cuts later this year in their post-meeting statement, they also stressed the need for "greater confidence" that inflation is coming down before easing policy. FED HOLDS RATES STEADY AT 23-YEAR HIGH, PROJECTS JUST ONE CUT THIS YEAR Since then, there has been some evidence that inflation is starting to ease again, albeit slowly. The May consumer price index showed that inflation had cooled slightly to 3.3%, down from 3.

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