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Federal Reserve Governor Michelle Bowman reiterated her belief on Saturday that despite “considerable” progress in curbing inflation, it remains unacceptably high, and the U.S. central bank is likely to take additional measures to tighten monetary policy.
Speaking at the Connecticut Bankers Association, Bowman stated, “I anticipate that it will likely be necessary for the (Fed) to continue raising interest rates and maintain them at a restrictive level for an extended period to bring inflation back to our 2 percent target in a timely manner.”
She further emphasized her readiness to support raising the federal funds rate at an upcoming meeting if incoming data suggests a stall or insufficient progress toward achieving the 2 percent inflation target in a timely manner.
These remarks closely resembled Bowman’s earlier comments made on the economic and policy outlook just a few days prior.
On Friday, the U.S. Labor Department reported that job additions in September exceeded expectations, nearly doubling the forecast, and revised upward job gains from previous months.
Bowman, known as one of the more hawkish policymakers within the Federal Reserve, regarded the latest employment report as indicative of “solid” job growth.
She acknowledged the complexity of economic projections, citing frequent and substantial data revisions, particularly downward revisions to previous government reports on job growth. These revisions played a role in her support for the Federal Reserve’s decision last month to maintain its benchmark overnight interest rate within the 5.25%-5.50% range.
