Fed Governor Bowman believes that inflation is still above the 2% target, but some progress has been made.

The labor market is gradually balancing and the unemployment rate remains at a historical low.

Wage growth is above the inflation target level, and patience is needed to avoid overreaction.

Bowman believes that there are upside risks to inflation and strong hiring may be exaggerated.

We need to pay close attention to the risk of substantial weakness in the labor market and remain cautious.

Fed Governor Bowman:

Some progress has been made in reducing inflation recently, but inflation levels are still disturbingly higher than the 2% target set by the committee.

The labor market continues to relax and is gradually moving towards a better balance.

Although the unemployment rate has risen, it is still at a historical low.

Wage growth remains above the level consistent with our inflation target.

We need to be patient and avoid undermining the continued progress in reducing inflation by overreacting to any single data point.

The "overall" data must be viewed as a risk to the employment and price stability tasks to achieve a better balance.

I still think there are upside risks to inflation.

Strong hiring may be exaggerated, and the rise in unemployment is exaggerating signs of a cooling economy.

While watching for the risk of material weakness in the labor market, the price stability aspect of our mandate remains closely monitored.

I would be cautious in any changes to the stance of policy.