Fed’s Bowman expects ongoing inflation

Federal Reserve Governor Michelle Bowman said she expects inflation to remain elevated for “some time.”

Details: Speaking in Florida, Bowman said:

  • After seeing progress on slowing inflation last year, the U.S. has not seen further progress over the first quarter.

  • While the current stance of monetary policy appears to be restrictive, she remains willing to raise target interest rates at a future meeting.

Background: The Federal Open Market Committee held interest rates steady last week. Fed Chairman Jerome Powell said he still expects rate cuts later this year and thinks rate increases are unlikely.