Federal Reserve (Fed) Vice Chair Michelle Bowman said that given the risks, the Fed should not signal a pause in its interest rate cutting campaign, in a speech delivered Friday at the New England Economic Forum in Foxborough, Massachusetts.
Key conclusions
Given the risks, the Fed should not signal a pause in its rate cutting campaign.
The Central Bank of the United States should be ready to reduce interest rates again due to the risk in the labor market.
Risks to Fed mandates are asymmetric, with jobs risks outweighing inflation concerns.
Monetary policy is currently moderately restrictive.
Inflation pressure weakens as tariff revenues decline.
Fed policy should look to the future and be based on forecasts.
Given the risks, Fed policy should focus on supporting the labor market.
The Fed expects “solid” growth, lower inflation and stabilization in the labor market.
Companies may start laying off workers if demand does not improve.
Concerned about the fragility of the labor market.
Core inflation level closer to the Fed’s 2% target.
The Fed has made significant progress in reducing inflation.
Wage growth in line with 2% inflation.
The American economy is resilient.”
Today’s US dollar price
The table below shows the current percentage change of the United States Dollar (USD) against the major listed currencies. The US dollar was strongest against the Australian dollar.
| USD | EUR | GBP | JPY | BOOR | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.04% | -0.06% | -0.36% | 0.08% | 0.23% | -0.23% | -0.13% | |
| EUR | -0.04% | -0.11% | -0.42% | 0.04% | 0.19% | -0.26% | -0.17% | |
| GBP | 0.06% | 0.11% | -0.30% | 0.15% | 0.30% | -0.15% | -0.06% | |
| JPY | 0.36% | 0.42% | 0.30% | 0.48% | 0.60% | 0.14% | 0.24% | |
| BOOR | -0.08% | -0.04% | -0.15% | -0.48% | 0.13% | -0.33% | -0.22% | |
| AUD | -0.23% | -0.19% | -0.30% | -0.60% | -0.13% | -0.45% | -0.35% | |
| NZD | 0.23% | 0.26% | 0.15% | -0.14% | 0.33% | 0.45% | 0.10% | |
| CHF | 0.13% | 0.17% | 0.06% | -0.24% | 0.22% | 0.35% | -0.10% |
The heat map shows the percentage changes of the major currencies relative to each other. The base currency is selected from the left column and the quote currency from the top row. For example, if you select the US dollar from the left column and move along the horizontal line to the Japanese yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
