Fed's Bowman: I don't see rate cuts as warranted this year

Federal Reserve (Fed) Board of Governors member Michelle W. Bowman noted that she is skeptical about the chances of a rate cut in 2024 while speaking at the Texas Bankers Association Annual Convention in Arlington, Texas.

Key highlights

I don't see rate cuts as warranted this year.

If we saw unexpected shocks, that would be a case for a rate cut.

I want to see a number of months of better inflation data.

It's probably a number of meetings before I'm ready to cut.