Some senior Fed officials have also expressed concern that inflation has not yet been beaten, with Fed Governor Bowman explaining in a statement that such a dramatic first rate cut could unnecessarily restore inflationary pressures. Bowman is understood to be the only Fed governor to vote against a rate cut last week. As of Tuesday, both inflation swaps and Treasury inflation-protected securities hinted that inflation could hover above the Fed's 2% target for years to come, if only modestly. (Kim X)