Michelle Bowman, vice chair for supervision of the Federal Reserve Board of Governors, moderates a discussion with OpenAI CEO Sam Altman (not pictured) during the Federal Reserve’s Integrated Review of the Capital Framework for Large Banks Conference in Washington on July 22, 2025. Reuters/Ken Cedeno
Michelle Bowman, the Federal Reserve’s vice chair of supervision, on Aug. 9 said that recent job data corroborates her concerns over labor market fragility and backs up her position that three interest rate cuts should be instituted this year.
Last month, Bowman was one of two Fed governors who dissented from the central bank’s decision to keep short-term borrowing costs in the 4.25 percent to 4.5 percent range that they have been in since December 2024.
