Federal Reserve Governor Michelle Bowman said she sees lingering inflation risks and that policymakers should proceed cautiously with further interest-rate cuts.

Federal Reserve Governor Michelle Bowman considers interest rates on hold for the time being until the data shows inflation has resumed its downward trend. Bowman was the lone dissenter on the FOMC’s September decision to lower the federal-funds rate by half a percentage point,

But minutes from their December meeting suggest that the decision was a close call — and that there is no guarantee policymakers will lower rates again anytime soon. The minutes of the central bank’s Dec.