Michelle Borman, director of the Federal Reserve System (Fed), insisted on lowering interest rates a..

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Fed Vice Chairman Michelle Borman [Reuters Yonhap News]

Michelle Borman, director of the Federal Reserve System (Fed), insisted on lowering interest rates at all three Federal Open Market Committee meetings within the year on the 9th (local time). Already at the FOMC last month, Borman and Christopher Waller insisted on a rate cut, and Trump’s new confidant Stephen Myron is also certain to insist on a cut, so it seems that September’s rate cut is gaining more power.

“In the last economic outlook, I predicted three rate cuts this year, and recent labor market indicators reinforce my view,” Borman said at an event hosted by the Kansas Bank Federation in Colorado. There are three FOMCs left this year: September, October, and December.

With tariff-driven inflation and shrinking jobs pointing to conflicting monetary policies, he says he should preemptively respond to worsening job markets rather than inflation concerns.

According to the July employment report, which was controversial enough to be attacked by President Donald Trump as a statistical error, the average monthly job growth in the three months from May to July was only 35,000 people, which is only one-fifth of the average monthly increase of 168,000 people last year.

“The price hike due to tariffs is likely to be a one-off,” he said. “If these effects disappear, inflation will return to 2%.” “If the action is delayed, there is a risk of worsening labor market conditions and further slowing growth,” he stressed.

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At the White House in Washington, U.S., U.S. President Donald Trump watches Jerome Powell, then the nominee for Federal Reserve chairman, head to the podium. [Photo = Reuters Yonhap News]

The government is reportedly looking for a candidate for the next Fed chairman by expanding the scope of the candidate group. According to the Wall Street Journal, the government is also considering James Blood, former president of the Federal Reserve Bank of St. Louis, and Mark Summerlin, deputy director of the National Economic Council, as candidates. The number of existing candidates, including White House National Economic Commission Chairman Kevin Hashitt and former Fed Director Kevin Wash, has increased to a total of 10. The candidate review is being led by Treasury Secretary Scott Bessant.

Earlier, President Trump said that “the number of candidates has been narrowed down to three” in relation to the next Fed chairman. As he recently appointed Stephen Myron as the new Fed director of the White House National Economic Advisory Committee, his close confidant, he has more leeway in looking for the next Fed chairman.

Former President Bullard led the Federation of St. Louis until last year and is currently dean of Purdue University’s business school. Summerlin served as deputy director of NEC during the Bush administration and worked on economic policy. Recently, Wall Street has established and operated an economic advisory company.