This brought the total outstanding volume for the bond series to P361.4 billion. This brought the total outstanding volume for the bond series to P229.6 billion. Last month, the BSP lowered borrowing costs by 25 bps for a third straight meeting to bring the policy rate to 5%. St. Louis Fed President Alberto Musalem, who votes on Fed policy this year, said the central bank “should tread cautiously,” as its policy rate accounting for inflation might already be close to neutral, Reuters reported. Cleveland Fed President Beth Hammack also said the Fed “should be very cautious in removing monetary policy restriction.” Neither Mr. Bostic nor Ms. Hammack votes on Fed policy this year.