Bowman, the governor of the Federal Reserve, said it was appropriate to agree at the September meeting to readjust the level of the federal funds rate, but preferred to implement a smaller rate cut for the first time; worried that the Fed's larger policy actions could be prematurely interpreted as a victory statement against inflation; spending data continue to grow solidly; inflation above target remains a concern; the economy remains strong and the labor market is near full employment; respect and appreciate colleagues' preference for deeper rate cuts and remain committed to working with them to ensure policy is properly positioned to achieve dual-mandate objectives.