Fed governor explains dissent from 50 basis point rate cut

Federal Reserve Governor Michelle Bowman on Friday issued a statement explaining her decision to dissent from the central bank's decision to cut interest rates by 50 basis points.The Federal Open Market Committee (FOMC), the Fed's policymaking arm, lowered its target range for the benchmark federal funds rate from a range of 5.25% to 5.5% to 4.75% to 5%. It cited progress in lowering inflation toward the Fed's 2% target and noted a strong but softening labor market. Fed Chair Jerome Powell