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.

Traders on Friday bet the Federal Reserve will wait until at least June to reduce its policy rate, and end its rate-cutting cycle there after government data showed employers added far more jobs than expected in December.

Having delivered a percentage point of interest-rate cuts in the closing months of last year, Federal Reserve officials are entering 2025 with open minds. Policy has been “recalibrated” for the curren