Fed's Bowman sees no interest rate cuts this year

Federal Reserve Governor Michelle Bowman said Tuesday that she does not expect to cut interest rates before the end of the year – and remains willing to hike again if progress on inflation stalls.

"We are still not yet at the point where it is appropriate to lower the policy rate," Bowman said during a prepared speech in London.

Reducing rates too soon could risk reigniting high inflation, she warned, which would require additional rate increases in order to tame price pressures within the economy.