Federal Reserve governor Lisa Cook argued that the Fed’s monetary policy is starting to slow the economy, and bank failures may also help curb inflation.

“Monetary policy is now in restrictive territory,” Cook said on March 31, pointing to real interest rates that are positive across the yield curve. “If tighter financing conditions restrain the economy, the appropriate path of the federal funds rate may be lower than it would be in their absence.”

She said if economic data continues to show a