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FED: Bowman Repeats Neutral Has Likely Risen

FED
USEM BulletFederal ReserveCentral Bank NewsEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange BulletsNorth America
  • Gov. Bowman (permanent voter, hawk) says the neutral rate has likely risen since the pandemic in a speech on monetary policy transmission.
  • It's not particularly new though, having said for some time that her estimate of neutral is much higher than pre-pandemic (which she said in November, for example).
  • A little more color: "One way to describe the resiliency of real activity to higher interest rates during the recent tightening cycle is to say that some of the previously noted factors led to a rise in r-star,"
  • "Although the FOMC has been focused on lowering inflation in the past few years, as we continue to make progress on approaching our 2 percent target, I expect that the labor market and economic activity will become a larger factor in the FOMC's policy discussions."
  • An upcoming Q&A could see greater pressing on her nearer term monetary policy views. 

 

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  • Gov. Bowman (permanent voter, hawk) says the neutral rate has likely risen since the pandemic in a speech on monetary policy transmission.
  • It's not particularly new though, having said for some time that her estimate of neutral is much higher than pre-pandemic (which she said in November, for example).
  • A little more color: "One way to describe the resiliency of real activity to higher interest rates during the recent tightening cycle is to say that some of the previously noted factors led to a rise in r-star,"
  • "Although the FOMC has been focused on lowering inflation in the past few years, as we continue to make progress on approaching our 2 percent target, I expect that the labor market and economic activity will become a larger factor in the FOMC's policy discussions."
  • An upcoming Q&A could see greater pressing on her nearer term monetary policy views.