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Fed’s Bowman Backs Raising Rates 75 Basis Points in July

  • Says half-point hikes should follow for a few meetings
  • Board member says top responsibility is reducing inflation
Michelle Bowman
Michelle BowmanPhotographer: Zach Gibson/Bloomberg

Federal Reserve Governor Michelle Bowman said she supports raising interest rates by 75 basis points again in July and following that with a few more half-point hikes.

The hawkish remarks Thursday come roughly a week after the central bank delivered the largest rate increase since 1994. Fed officials are sending a strong signal that they will do what is needed to rein in soaring inflation, while acknowledging that it’s becoming more challenging for them to achieve a soft landing on the economy.