The Trump administration is expected to choose Federal Reserve governor Michelle Bowman to be the central bank’s top financial regulator, according to a person familiar with the decision.

Cooler inflation last month leaves the door open for the Federal Reserve to resume cutting interest rates by mid-year, but the central bank remains worried that U.S. tariff hikes could rekindle ...

If confirmed, Bowman will face a tough road in loosening restrictions on the largest banks because the majority of the Fed board was appointed by Biden.