Fed Governor Michelle Bowman said in a speech that she welcomes the Fed’s decision to start easing last week, noting that the balance of risks between inflation and employment has shifted. She said tariffs no longer appear likely to deliver a persistent inflation shock, which has reduced upside risks to price stability. With demand softening and labor market conditions turning fragile, Bowman emphasized that the Fed must focus on its employment mandate. She cited benchmark payroll revisions as a clear warning, saying the Fed is at “serious risk of already being behind the curve” in addressing job market deterioration. Full speech of Fed’s Bowman here.