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Fed governor estimates additional rate rises to battle inflation
(MENAFN) US Federal Reserve Governor Michelle Bowman stated on Monday that she forecasts additional rate rises as the central bank carries on to battle inflation.
"I expect that ongoing increases will be appropriate to bring the federal funds rate to a sufficiently restrictive level and that it will need to remain there for some time to restore price stability," she informed the American Bankers Association Conference for Community Banking in Orlando, Florida.
Bowman stated that the estimation for the economy and inflation carries on to be "highly uncertain" because of worldwide and local aspects, also mentioning that she is going to seek for macroeconomic figures as evidence to witness that inflation stays on a downward road when bearing in mind additional interest rate surges.
"While we have seen modestly lower inflation readings in recent months, overall inflation remains high ... The ongoing tightness in the labor market puts upward pressure on inflation, even if some components of inflation moderate due to improvements in supply-side factors," she asserted.
"I expect that ongoing increases will be appropriate to bring the federal funds rate to a sufficiently restrictive level and that it will need to remain there for some time to restore price stability," she informed the American Bankers Association Conference for Community Banking in Orlando, Florida.
Bowman stated that the estimation for the economy and inflation carries on to be "highly uncertain" because of worldwide and local aspects, also mentioning that she is going to seek for macroeconomic figures as evidence to witness that inflation stays on a downward road when bearing in mind additional interest rate surges.
"While we have seen modestly lower inflation readings in recent months, overall inflation remains high ... The ongoing tightness in the labor market puts upward pressure on inflation, even if some components of inflation moderate due to improvements in supply-side factors," she asserted.
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