A senior official at the Federal Reserve is pushing back against growing hopes on Wall Street that the central bank could be nearly done raising interest rates.
In a pair of speeches on Saturday and on Monday, Fed Governor Michelle Bowman warned that multiple rate hikes could be required to get inflation back to healthy levels.
“We have made progress in lowering inflation over the past year, but inflation is still significantly above” the Fed’s 2% target, Bowman said on Monday at an event in Atlanta.
Bowman, one of the more hawkish members of the Fed’s rate-setting committee, highlighted that the job market “continues to be tight, with job openings still far exceeding the number of available workers.”
“Given these developments, I supported raising the federal funds rate at our July meeting, and I expect that additional increases will likely be needed to lower inflation to the FOMC’s goal,” Bowman said.
The Fed governor made similar comments in a speech on Saturday in Colorado Springs, Colorado.
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Source: edition.cnn.com
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