Fed governor Miki Bowman signals she could support a July rate cut. “Should inflation pressures remain contained, I would support lowering the policy rate as soon as our next meeting in order to bring it closer to its neutral setting and to sustain a healthy labor market.” Bowman had been very focused on inflation risks through last year. She says she sees tariffs as likely to present a “small and one-off increase” in prices because she expects increased economic slack this year. She describes the labor market as solid and near estimates of full employment. But cites evidence of fragility (reduced labor-market dynamism, slower economic growth, and a narrow concentration of job gains) warranting that the Fed put “more weight on downside risks to our employment mandate going forward.” These are Bowman’s first substantive remarks on the economic outlook since Trump selected and the Senate confirmed her as vice chair for supervision this spring.