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represented Minneapolis (9), childhood · state of record Minnesota · where the Board comes from
Dec 18, 2020 – present · confirmed Dec 3, 2020 · represents the Minneapolis district (childhood)
Economist · Federal Reserve Bank of St. Louis
Terminal: PhD · economics
Stephen I. Miran and Christopher J. Waller preferred to lower the target range for the federal funds rate by 1/4 percentage point at this meeting.
Governor Bowman preferred at this meeting to lower the target range for the federal funds rate by 25 basis points to 4 to 4-1/4 percent in light of inflation moving considerably closer to the Committee's objective, after excluding temporary effects of tariffs, a labor market near full employment but with signs of less dynamism, and slowing economic growth this year. She also expressed her view that taking action to begin moving the policy rate at a gradual pace toward its neutral level would have proactively hedged against a further weakening in the economy and the risk of damage to the labor market.
Governor Waller preferred no change in the federal funds target range and continuing the pace of decline in securities holdings in place at the time of the vote. This view was based on reserve balances being over $3 trillion as well as no evidence from money market indicators or his outreach conversations that the banking system is getting close to an ample level of reserves. In addition, rather than changing the pace of balance sheet reduction, he thought the Federal Reserve should rely on its existing tools and develop a plan for how to respond to short-run strains if they emerge.