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Fed’s Bowman says ‘much more needs to be done’ to lower inflation

Federal Reserve Bank President Michelle Bowman became the first federal policymaker to speak publicly at the American Bankers Association conference in San Diego, California on February 11, 2019.

Anne Saphir | Reuters

Federal Reserve Governor Michelle Bowman said Tuesday that higher interest rates will prevail for some time until inflation is contained and she expects rates to rise further in the future.

“We are committed to taking further action to bring inflation back to our target,” a central bank official said in preparation for a speech in Florida. “Some inflation indicators have fallen in recent months, but there is much more to be done. [Federal Open Market Committee] “We will continue to raise interest rates to tighten monetary policy.”

The FOMC has raised the Fed’s benchmark borrowing rate seven times since March 2022, totaling 4.25 percentage points.

Last week, minutes from the committee’s December meeting showed that most members could embark on another rate hike in 2023, possibly pushing the Federal Fund’s rate to just over 5%.

Reflecting the consensus at that meeting, Bowman said that before easing restrictive monetary policy, there was “convincing indications that inflation has peaked and more consistent indications that inflation is on a downward trajectory.” “We expect interest rates to continue to rise until we see ,” he said.

“Once the federal funds rate becomes sufficiently constrained, it will need to be held at that level for some time to restore price stability, which will create conditions that support a sustainably strong labor market. It will help,” she said. she said.

Policy will be guided by economic data showing how the Fed’s policies are affecting growth, she added.

Bowman spoke on the same day that Federal Reserve Chairman Jerome Powell addressed Riksbank, the Swedish counterpart of the Federal Reserve.In that speech, Powell Federal Reserve stressed need to maintain independence of political influence in carving out policies aimed at bringing about stable prices.

Based on past experience, Mr. Bowman pointed to mistakes the Fed made in the 1970s. It raised interest rates to deal with inflation, but then lowered them when the economy slowed. But he argued that doing nothing would result in higher costs.

“It’s important to keep in mind that there are costs and risks to tightening policy to keep inflation down, but I think the costs and risks to allowing inflation to continue are much greater,” Bowman said. Stated.

https://www.cnbc.com/2023/01/10/feds-bowman-says-theres-a-lot-more-work-to-do-to-bring-down-inflation.html Fed’s Bowman says ‘much more needs to be done’ to lower inflation

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