"The progress in lowering inflation since April is a welcome development, but core inflation is still uncomfortably above the [Federal Open Market] Committee's 2% goal," Federal Reserve Governor Michelle Bowman said on Monday.

Federal Reserve Governor Michelle Bowman was the sole dissenter at last week’s Federal Open Market Committee vote — the first since 2005. In her view, a 25 basis-point cut would have been a more measured response to current economic conditions.

Fed governor Michelle Bowman issued a statement Friday explaining her dissent to this week's jumbo rate cut, saying she wanted a smaller first move because inflation is not yet vanquished.