According to Odaily Planet Daily, some senior Fed officials have expressed concerns that inflation has not yet been defeated. Fed Governor Bowman explained that such a dramatic first rate cut could unnecessarily restore inflationary pressures.

Bowman was the only Fed governor to vote against a rate cut last week. As of Tuesday, both inflation swaps and Treasury inflation-protected securities suggested that inflation could hover above the Fed’s 2% target in the coming years, even if only modestly.