Collins, in prepared remarks for an event Thursday in Boston, said the economy was in a “good place,” but noted that progress on cooling inflation will likely be slower this year than previously anticipated.

Federal Reserve officials at their meeting Dec. 17-18 expected to dial back the pace of interest rate cuts this year in the face of persistently elevated inflation and the threat of widespread tariffs

Federal Reserve Governor Michelle Bowman on Thursday said she supported last month's interest-rate cut as the "final step" in the U.S. central bank's monetary policy recalibration, with rising inflation risks dictating a cautious approach ahead.

A top policymaker at the US Federal Reserve says that he still supports reducing interest rates this year, despite elevated inflation and the prospect of widespread tariffs

The central bank cut rates last month but saw risks of somewhat firmer price pressures this year due to potential tariff increases by President-elect Trump.