Central Banks
Fed’s Bowman Sees Need for Higher Rates to Curb Prices
- Renews warning that energy prices could reverse some progress
- After hot jobs report, Fed policymakers next meet on Oct. 31
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Federal Reserve Governor Michelle Bowman said she’s sticking with her call that interest rates will likely need to increase further to return inflation to the Fed’s 2% goal quickly.
US inflation remains “too high” and Bowman said she expects it’ll be appropriate for the Federal Open Market Committee “to raise rates further and hold them at a restrictive level for some time to return inflation to our 2% goal in a timely way,” according to her prepared remarks to the Connecticut Bankers Association on Saturday.