Federal Reserve Governor Lisa Cook said it will be appropriate to reduce interest rates “at some point,” adding that she expects inflation to improve gradually this year before more rapid progress in 2025.

“With significant progress on inflation and the labor market cooling gradually, at some point it will be appropriate to reduce the level of policy restriction to maintain a healthy balance in the economy,” Cook said Tuesday in prepared remarks to the Economic Club of New York.

READ MORE: Fed’s Cook Says Rate Cut Needed at Some Point But Timing Unclear