Just before Joe Biden leaves the White House and Donald Trump returns, two prominent Republican members of the Federal Reserve Board are weighing in on how fast interest rates should come down. The two — Michelle Bowman and Christopher Waller — say rates can come down in a measured way.

Federal Reserve Governor Michelle Bowman said Thursday she supported the recent interest rate cuts but said the December reduction should be the "final step" in the easing process. Even with the full percentage points of cuts from September through December,

Federal Reserve officials at their meeting Dec. 17-18 expected to dial back the pace of interest rate cuts this year in the face of persistently elevated inflation and the threat of widespread tariffs and other potential policy changes.