"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.

Michelle Bowman, a governor on the Federal Reserve Board, became the first Fed official since 2005 to vote against the central bank’s interest rate decision when she dissented Wednesday against the Fed’s move to cut rates by 50 basis points.

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.