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Gov Bowman Firms Up Her Hike Expectations, Mester Up Shortly

FED
Not a big surprise that Gov Bowman's talking up further tightening - below is the relevant passage from her remarks today. The last time we heard from her last month, she said that should inflation remain high/labor market remain tight, "additional monetary tightening will likely be appropriate" - today's language contains a little more certainty on the need for rate hikes.
  • Cleveland's Mester is speaking on a panel alongside Bowman shortly.
  • Bowman: "I supported the FOMC's decision last week to hold the federal funds rate target range steady and to continue to reduce the Fed's securities holdings; however, I believe that additional policy rate increases will be necessary to bring inflation down to our target over time. Although tighter monetary policy has had some effect on economic activity and inflation to date, we have seen core inflation essentially plateau since the fall of 2022, and I expect that we will need to increase the federal funds rate further to achieve a sufficiently restrictive stance of monetary policy to meaningfully and durably bring inflation down. I will continue to monitor the incoming data and to look for signs that inflation is on a consistent downward path as I consider appropriate monetary policy at future meetings."
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