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Good morning. I would like to thank the Kentucky Bankers Association for the opportunity to join you again for your annual convention, this time with an important difference. Earlier this year, the President nominated, and the Senate confirmed, me as the Fed's Vice Chair for Supervision. It's the first time someone with community banking experience has served in this role, and I am working to make sure that the Federal Reserve is addressing the issues I have discussed with you and other community bankers over the past nearly seven years that I've been a member of the Board of Governors. It is really a pleasure to be with you again, and especially in Asheville, North Carolina, after the terrible flooding this area experienced last year. Since the Federal Open Market Committee (FOMC) met for our September meeting last week, I thought I would share my views on the U.S. economy and monetary policy, including on my policy vote. Update on the Most Recent FOMC Meeting At last week's FOMC meeting, the Committee voted to lower the target range for the federal funds rate by 1/4 percentage point, bringing it to 4 to 4-1/4 percent, and to continue to reduce the Federal Reserve's securities holdings. In my view, the Committee should have begun lowering the policy rate at the July meeting, so, of course, I supported reducing the policy rate at this meeting. For several months, I have been pointing out signs of potential labor market fragility. Since the June FOMC meeting and in public remarks following that meeting, I have argued that increasing signs of weakening labor market conditions provide a basis for beginning to move the policy rate closer to neutral to proactively support the employment side of our mandate. Recent data have revealed a materially more fragile labor market along with inflation that, excluding tariffs, has continued to hover not far above our target. Given this shift in lab FED'S BOWMAN SAYS TIME TO ACT DECISIVELY ON RATE CUTS Fed's Bowman: I'm worried the Fed is behind the curve on labor market weakness, policy may need to adjust faster if risks materialize FED'S BOWMAN: LABOR MARKET COULD DETERIORATE FAST IN COMING MONTHS. ... Fed President Bowman: Tariffs will have less impact on inflation, inflation is close to target.

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After reviewing the details of the unserious and ridiculous demands being made by the Minority Radical Left Democrats in return for their Votes to keep our thriving Country open, I have decided that no meeting with their Congressional Leaders could possibly be productive. They are threatening to shut down the Government of the United States unless they can have over $1 Trillion Dollars in new spending to continue free healthcare for Illegal Aliens (A monumental cost!), force Taxpayers to fund Transgender surgery for minors, have dead people on the Medicaid roles, allow Illegal Alien Criminals to steal Billions of Dollars in American Taxpayer Benefits, try to force our Country to again open our Borders to Criminals and to the World, allow men to play in women’s sports, and essentially create Transgender operations for everybody. These Radical Left Views and Policies is what allowed me to win the Presidential Election, including all seven Swing States, and the Popular Vote, IN A HISTORIC LANDSLIDE. There are consequences to losing Elections but, based on their letter to me, the Democrats haven’t figured that out yet. They are trying to eliminate the popular $50 Billion Dollar Rural and Vulnerable Hospital Fund, which was passed with only Republican Votes, and proudly signed into Law by ME. The Democrats in Congress seem to have totally lost their way. They obviously have no idea what it means to put America First or to MAKE AMERICA GREAT AGAIN! All Congressional Democrats want to do is enact Radical Left Policies that nobody voted for — High Taxes, Open Borders, No Consequences for Violent Criminals, Men in Women’s Sports, Taxpayer funded “TRANSGENDER” surgery, and much more. Few people voted for what they represent, which would lead to the destruction of America. Instead, people voted for COMMON SENSE, and that’s what the Republicans and your President, “DONALD J. TRUMP,” stand for. I look forward to meeting with them if they get serious about the future of our Nation. We must keep the Government open, and legislate like true Patriots rather than hold American Citizens hostage, knowing that they want our now thriving Country closed. I’ll be happy to meet with them if they agree to the Principles in this Letter. They must do their job! Otherwise, it will just be another long and brutal slog through their radicalized quicksand. To the Leaders of the Democrat Party, the ball is in your court. I look forward to meeting with you when you become realistic about the things that our Country stands for. DO THE RIGHT THING!DONALD J. TRUMP, PRESIDENT OF THE UNITED STATES OF AMERICA TRUMP: I HAVE DECIDED THAT NO MEETING WITH DEMOCRATS CONGRESSIONAL LEADERS COULD POSSIBLY BE PRODUCTIVE

US business activity growth slowed for a second successive month in September, according to early ‘flash’ PMI data, accompanied by a softening of demand growth. While growth was ...

Fed's Bowman: I see 3 cuts in total for 2025.