Federal Reserve Governor Michelle Bowman says additional interest rate increases will likely be needed to get inflation on a path down to the Fed’s target. “I will also be watching for signs of slowing in consumer spending and signs that labor market conditions are loosening,” the Fed governor added.
More Interest Rate Hikes Likely Needed, Says Fed Governor
Federal Reserve Governor Michelle Bowman indicated in her remarks on Saturday at an event hosted by the Kansas Bankers Association in Colorado that the U.S. central bank may need to implement additional interest rate increases to completely restore price stability.
She also affirmed her endorsement of the rate hike decision made at last month’s Federal Open Market Committee (FOMC) meeting. In July, Fed officials raised the federal funds rate to a range of 5.25% to 5.5%, the highest level in 22 years.
Governor Bowman stated:
Additional rate increases will likely be needed to get inflation on a path down to the FOMC’s 2% tar
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