According to Federal Reserve (Fed) Board of Governors member Michelle Bowman, slower-than-expected progress on inflation has left the Fed policymaker cautious about monetary policy stance.

Key highlights

• Latest inflation data suggests slower progress on inflation.
• Fed's Bowman expects inflation will decline further with current policy rates.
• Upside risks to inflation still remain.
• Fed's monetary policy stance is still appropriately restrictive.
• Economic activity, consumer spending remain strong, labor market is still tight.
• If inflation moves sustainably to 2% goal, it will eventually be appropriate to cut rates, but not there yet.
• Fed's Bowman remains willing to raise policy rates if progress on inflation stalls or reverses.
• Remains cautious on monetary policy.