Federal Reserve Governor Michelle Bowman spoke at a Kansas Bankers Association event in Colorado on Saturday.
Key takeaway note:
- “I supported the FOMC’s decision last week to raise the federal fund rate by an additional 75 basis points. I believe that similarly sized increases should be on the table until we see inflation in a consistent, meaningful and sustainable way. drops.”
Bowman says she sees little or no signs of peak inflation and will support further rate hikes until a major decline is observed. Until then, hikes of 75 bp are possible.
More:
- supply problems will continue to drive inflation
- there are significant inflation risks for food, fuel and housing in 2023
- I want unequivocal inflation cooling before adjusting my outlook
- inflation is way too high
- inflation puts pressure on households, excessive inflation is a greater threat to the labor market
- says she sees a possibility that FOMC moves slow or even halt job growth
- GDP rebound in H2 and then modest growth next year is the base case
- labor market is tight, but there are signs of easing
Michelle Bowman is a member of the Fed’s board of directors and thus an elector of the Federal Open Market Committee (FOMC).