The officials of the Federal Reserve Board are taking a 'neutral' policy stance, noting that the economy is performing strongly and waiting for Donald Trump's policies to become clearer. Fed governor Michelle W. Bowman said in a speech in California on January 9: I expect that in the coming months we will be able to clarify the policies of the incoming administration and the continuation of inflationary pressures in 2024. Bowman's speech, as well as the remarks of Kansas City Fed President Jeff Schmid on the same day, indicate that, due to the strong performance of the U.S. economy before the end of 2024, and the inflation rate remaining 'above the 2% target', there may be no need for further rate cuts. Schmid said: I believe we are close to a point where the economy neither needs to be restricted nor supported, and the policy should be neutral.