She delivered remarks on the U.S. economy and monetary policy at the Council on Foreign Relations in Washington, and gave identical remarks later the same day at an event hosted by Unleash Prosperity Now.
Bowman said further changes to the policy rate should wait until policymakers have a better understanding of how conditions will evolve. The federal funds rate target range was held at 3-3/4 to 4 percent at the most recent Federal Open Market Committee meeting, which was in October. Our own measurement puts the US federal funds rate at 3.88% as of 01:39 GMT on 11 November 2026.
Growth and jobs
She estimated third-quarter growth at more than 3 percent. Growth last year was 2 percent.
The labour market, she said, is stable, with low hiring and low firing. The unemployment rate was 4.1 percent in October, and job gains averaged 80,000 a month through that month. Wage growth has slowed, with average hourly earnings up 3.1 percent over 12 months in October.
Inflation and the outlook
Bowman said progress on lowering inflation has disappointed, and that bringing it down remains a priority.
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She said she was monitoring artificial intelligence, energy prices and financial conditions. Growth has been supported by AI-related capital spending and consumer spending, while residential investment has declined and mortgage rates have risen.
Data: FRED — St. Louis Fed
