Fed’s Bowman Calls for Three Rate Cuts This Year Amid Labor Market Concerns

Michelle Bowman, Vice Chair for Supervision at the Federal Reserve, has urged for three interest rate cuts this year, citing recent labor market data that she believes signals a need to ease monetary policy. Her comments come after the latest jobs report showed a slower pace of job growth than expected, with unemployment rising to 4.2% and overall job creation at a reduced level. Bowman’s prediction aligns with her earlier stance that rate cuts might be necessary this year, driven by concerns about the labor market’s resilience.