Bowman is the second central banker in recent days to suggest tariffs are likely to have a temporary and muted impact on prices.

Treasuries surged after Fed officials hinted at a potential interest-rate cut as early as July, reversing earlier losses driven by Middle East conflict fears. Michelle Bowman's support for a cut, contingent on subdued inflation,

Federal Reserve governor Michelle Bowman on Monday said the central bank should consider cutting its key interest rate as soon as its next meeting in July, underscoring deep divisions among Fed officials as they endure sharp criticism from the White House.