Bowman Delivers Remarks on Economic Outlook and Mutual Banks
Washington, D.C. – On January 31, 2025, at 1:30 PM EST, Federal Reserve Board Governor Michelle Bowman delivered remarks at the Mutual Community Bank Forum in Phoenix, Arizona.
Bowman’s Remarks on the Economy
In her remarks, Governor Bowman discussed the current economic outlook and the Federal Reserve’s response to inflation. She noted that recent data suggest that inflation remains elevated and that the labor market remains tight.
“While we have seen some moderation in price pressures, inflation is still far too high and well above our 2% target,” Bowman said. “The FOMC remains committed to bringing inflation back to our target over time.”
Bowman emphasized that the Federal Reserve is taking a measured approach to raising interest rates in order to bring down inflation without causing an economic recession.
“The path of monetary policy going forward will depend on incoming data and our assessment of the evolving outlook,” Bowman said.
Bowman’s Perspective on Mutual and Community Banks
Bowman also praised the role of mutual and community banks in the U.S. financial system. She noted that these banks provide vital financial services to their communities, particularly in underserved areas.
“Mutual and community banks play a critical role in promoting financial inclusion and economic development in our communities,” Bowman said.
Bowman emphasized the importance of ensuring that mutual and community banks have the resources and support they need to continue serving their communities.
“The Federal Reserve is committed to supporting mutual and community banks as they navigate the challenges of a changing financial landscape,” Bowman said.
Conclusion
Governor Bowman’s remarks provided important insights into the Federal Reserve’s current economic outlook and its commitment to bringing down inflation. She also highlighted the vital role that mutual and community banks play in the U.S. financial system.
Bowman, Brief Remarks on the Economy, and Perspective on Mutual and Community Banks
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