Federal Reserve Governor Michelle Bowman has supported the recent rate cuts but said the December rate cut should be the “final step” in the easing process. She does not see the need for further rate cuts given the risk that inflation could return in a significant way.

It should be noted, however, that Michelle Bowman is often considered one of the Fed’s most hawkish members.

Other Fed officials, including Fed Chairman Jerome Powell, have taken a different view, arguing that further rate cuts are needed but at a slower pace.