---
title: "Federal Reserve Governor Michelle Bowman \"stubbornly\" insists on a December rate cut, but the rebound in employment data does not change her stance!"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/264586256.md"
description: "Federal Reserve Governor Michelle Bowman stated that continuing to lower interest rates is reasonable, including at the December meeting. He believes that despite the rebound in employment data, inflation is below expectations and the labor market is stable. He opposed a 25 basis point rate cut in last week's vote, favoring a 50 basis point cut instead. Bowman's views appear isolated within the Federal Reserve, as other officials are cautious about rate cuts. He believes that continuing the current policy is reasonable unless there is significant new information"
datetime: "2025-11-06T08:09:08.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/264586256.md)
  - [en](https://longbridge.com/en/news/264586256.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/264586256.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/264586256.md) | [English](https://longbridge.com/en/news/264586256.md)


# Federal Reserve Governor Michelle Bowman "stubbornly" insists on a December rate cut, but the rebound in employment data does not change her stance!

Federal Reserve's new governor, Milan, stated on Wednesday that he believes it is still a "reasonable measure" for the Fed to continue cutting interest rates, including a potential cut at the annual final meeting on December 9-10.

In an interview with Yahoo Finance, Milan mentioned that previous policy expectations indicated three rate cuts in 2025.

"The ensuing question is: has anything changed?" he said.

Milan acknowledged that the government shutdown has affected the availability of official economic data, but he pointed out that inflation data is below expectations and the labor market remains stable.

Last week, the Fed voted to cut rates by 25 basis points, lowering the target rate range to 3.75% to 4%. Milan voted against this, preferring a larger cut of 50 basis points. He was also a dissenting voice in the September meeting.

He stated that his goal is to achieve a neutral policy stance, which is an interest rate level that neither stimulates nor suppresses economic growth.

Where does he differ from his Fed colleagues? "I want to reach this goal faster than others," Milan said, "but the ultimate goal is not that different."

Since last week's policy meeting, more and more Fed officials have expressed concerns about inflation and have been cautious about another rate cut in December.

Chicago Fed President Goolsbee told Yahoo Finance that he has not yet decided whether to support a rate cut in December. Fed Governor Cook and San Francisco Fed President Daly also expressed similar views in their respective speeches on Monday. Kansas City Fed President Schmidt stated that he opposed the rate cut at last week's policy meeting.

This has made **Milan's position in pushing for further rate cuts seem somewhat isolated.**

"Anything can happen between now and December. There may be new information, surprises, or shocks, and there may be situations we did not anticipate," he said, "but unless new information emerges that significantly alters expectations, I believe continuing along the current path is still consistent and reasonable."

**The private sector employment data released on Wednesday did not change Milan's view on the labor market.**

Data from Automatic Data Processing (ADP) showed that employment growth rebounded in October, with 42,000 new jobs added, while September saw a decrease of 29,000 jobs.

Milan described this data as "a comforting surprise," but he noted that the existing trend before the government shutdown is still continuing. He mentioned that job growth is moderate, wage growth is slowing, and there are signs that labor demand may not be as strong.

"All of this suggests to me that interest rates could be lower than the current level," he said.

## Milan comments on Trump's tariff case

Milan also warned that **if the Supreme Court rules that the tariffs imposed by President Trump under economic emergency powers are illegal, it could increase uncertainty and weigh on the economy.**

"Any factors that exacerbate uncertainty in the tariff environment or trade environment could absolutely become a drag on the economy," Milan said On Wednesday, Supreme Court justices expressed doubts during nearly three hours of oral arguments about Trump's authority to impose broad tariffs on multiple countries under the International Emergency Economic Powers Act. The U.S. has reached several trade agreements based on this broad authority, having collected nearly $200 billion in tariff revenue as of September 30.

Milan pointed out that tariff revenue is equivalent to savings in the economy, and an increase in national savings would lead to lower interest rates.

Milan stated, "If this revenue disappears, then you would naturally think it would have an impact on interest rates, which is very important for monetary policy."

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