Bowman is the second central banker in recent days to suggest tariffs are likely to have a temporary and muted impact on prices.

As was widely expected to happen, the Federal Reserve didn't lower interest rates at its June meeting. But the central bank did provide some valuable clues regarding what could be coming next. In this video,

Tariffs haven’t had the explosive inflationary impacts as predicted, Michelle Bowman says, adding that the labor market is holding steady.