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Federal Reserve Governor Bowman: I respect and appreciate my colleagues' inclination to take a more aggressive rate cut.
Federal Reserve Governor Bowman stated that he respects and appreciates his colleagues' inclination to take a more aggressive rate cut, and he remains committed to working with them to ensure that the policy is properly positioned to achieve the dual mandate goals.
The economy remains strong, the labor market is close to full employment, and we believe that the Federal Reserve's moderate pace of moving toward a more neutral policy stance will ensure further progress in restoring inflation to its 2% target.
Agreed at its September meeting that it was appropriate to recalibrate the level of the federal funds rate, but preferred a smaller first cut, fearing that a larger Fed policy move could be interpreted too early as a declaration of victory in the fight against inflation.
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