Fed Governor Michelle Bowman says rate hikes likely over, but it’s not yet time to cut

Federal Reserve Governor Michelle Bowman indicated that the central bank's interest rate hikes are likely done – but she added that she's not prepared to begin trimming.
Bowman spoke at a community bankers conference in South Carolina on Monday, where she highlighted the Fed's progress on reining in inflation through tight policy.
"Based on this progress, my view has evolved to consider the possibility that the rate of inflation could decline further with the policy rate held at the current level for some time," she said in prepared remarks.
If inflation continues to decline toward the Fed's stated 2% goal, Bowman noted "it will eventually become appropriate" to begin the process of dialing back rates.
However, the central bank still has work to do before cuts begin, she said. "In my view, we are not yet at that point," Bowman added. $Invesco QQQ Trust(QQQ.US)$ $SPDR S&P 500 ETF(SPY.US)$