Federal Reserve Vice Chair for Supervision Michelle Bowman signaled the weaker-than-expected February employment report has tilted her back to supporting additional interest-rate cuts.
“I was fine with holding at our January meeting, but now that we’ve seen that the labor market, maybe that was an anomaly,” Bowman said in an interview Friday on Fox Business, referring to strong January job creation.
The US labor market unexpectedly shed 92,000 jobs in February and the unemployment rate ticked up to 4.4%, according to data released Friday by the Bureau of Labor Statistics.
The new data “confirms to me that the labor market continues to be weak, and it could use some support from our policy rate,” she said.
Fed officials gather for their next policy meeting March 17-18 in Washington.
Written by: Katanga Johnson @Bloomberg
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