Bowman citied the collapse in the US labour market in her reasoning arguing for three rate cuts from the Federal Reserve by the end of 2025. The July nonfarm payrolls report showed major downward revisions to prior months:
May was revised down from 144,000 to 19,000---> -125,000June was revised down from 147,000 to 14,000 ---> -133,000the apparent weakening in the labor market outweighs the risks of higher inflation to comeexpects to support three rate cuts over the Federal Reserve’s three remaining meetings this year“With economic growth slowing this year and signs of a less dynamic labor market becoming clear, I see it as appropriate to begin gradually moving our moderately restrictive policy stance toward a neutral setting”
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There are only three more meetings this year:
September 16-17 October 28-29 December 9-10Bowman wants a cut at each of them.
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