Federal Reserve Gov. Michelle Bowman on Friday backed more interest rate hikes if inflation remains high and the labor market remains tight.
While many economists said the U.S. April consumer price inflation data showed enough progress on reducing price pressures to justify the central bank holding interest rates steady for the rest of the year, Fed Gov. Michelle Bowman signaled early Friday that she was not on-board with that view.
“In my view, the most recent CPI and employment reports have not provided consistent evidence that inflation is on a downward path, and I will continue to closely monitor the incoming data as I consider the appropriate stance of monetary policy going into our June meeting,” Bowman said, in speech at a European Central Bank conference in Frankfurt.The Fed has raised its benchmark interest rate to a range of 5%-5.25% over the past 14 months.
But she said she doesn’t know yet if the downward pressure from rates is enough to bring inflation down and more hikes may still be needed.
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