Federal Reserve Governor Michelle Bowman said inflation could fall toward the Fed’s 2% target with interest rates held at current levels, and offered potential backing for lowering borrowing costs if price pressures fade. “Should inflation continue to fall closer to our 2% goal over time, it will eventually become appropriate to begin the process of lowering our policy rate to prevent policy from becoming overly restrictive,” Bowman said in prepared remarks to the South Carolina Bankers Association in Columbia. “We are not yet at that point,” she said, adding that she remains cautious with upside risks to prices ... (full story)