These comments reflect the sentiment prevailing at the central bank, with most policymakers saying in recent weeks that, while they still expect inflation to return to the Fed's 2% target, they need more evidence.
Recent data has shown that inflation is moderating, with the Fed's preferred indicator running slightly below 3%. However, the rate-setting Federal Open Market Committee said after its last meeting that it had made “only modest progress.”
Bowman said “a number of risks” exist that could intensify his approach, as he is the most hawkish of all policymakers.
“I remain open to raising the target range for the federal funds rate at a future meeting, provided progress on inflation stalls or reverses,” she said. “Given the risks and uncertainties about my economic outlook, I will remain cautious in my approach to considering future changes in the policy stance.”
The Commerce Department will release its reading on the May personal consumption expenditures price index, the Fed's preferred inflation gauge, on Friday. Economists surveyed by Dow Jones expect the 12-month inflation rate to be 2.6% across both all items and core, which excludes food and energy prices.
Although that would be lower than in April, Bowman said he still expects the Fed to keep its key overnight lending rate between 5.25%-5.5% “for some time.”
In addition, he indicated he was not impressed by rate cuts by the Fed's global counterparts such as the European Central Bank, which recently reduced its key rate by a quarter of a percentage point. “It is possible that the path of monetary policy in the U.S. diverges from other advanced economies in the coming months,” Bowman said.
Bowman’s comments came after other officials said Monday they were hesitant to make cuts.
San Francisco Fed President Mary Daly rejected the idea of a preemptive cut to guard against a deterioration in the labor market and a slowing economy.
“I think when you see the risk you preemptively cut back,” Daly told CNBC's Deirdre Bosa during a public event in San Francisco. “We're going to be determined until we get the job done. So it's very important not to preemptively act when it's not necessary.”
In addition, Chicago Fed President Austan Goolsbee told CNBC's Steve Liesman earlier in the day that if he were to see “more months” of good inflation data, he would question whether policy should remain as restrictive as it has been so far, clearing the way for a cut.