Dovish or Hawkish? Feds Waller, Bowman Debate Next Steps for Interest Rates

Economic PoliciesThe Federal Reserve’s Christopher Waller and Michelle Bowman thought rate cuts were possible this year—the markets disagreed.Federal Reserve Chairman Jerome Powell (R) speaks with Vice Chair for Supervision Michelle Bowman during a board meeting at the Federal Reserve building in Washington on June 25, 2025. Saul Loeb/AFP via Getty ImagesAndrew Moran3/20/2026|Updated: 3/20/20260:00Cut, hold, or hike? That is the question at the Federal Reserve.The Fed will have six weeks until officials convene their next two-day policy meeting and decide the course of action for interest rates.