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.