Gov Bowman: Would Adjust Inflation View If Supply Bottlenecks Persist

A speech on the monetary policy/economic outlook by Fed Gov. Bowman has been published (slightly unexpectedly - wasn't in the official Fed public calendar for some reason).

• We don't often get monetary policy commentary from Bowman, but worth noting that she is mainly following the broader Fed leadership lines on growth / inflation, and still sees the risk that inflation remains persistently >2% as "small".
• But on a slightly more hawkish note, she also said "although I expect these upward price pressures to ease after the temporary supply bottlenecks are resolved, the exact timing of that dynamic is uncertain. If the supply bottlenecks prove to be more long-lasting than currently expected, I will adjust my views on the inflation outlook accordingly."
• Note Chair Powell at the April FOMC press conference said that "It's much harder to predict with confidence the amount of time it will take to resolve the bottlenecks, or for that matter, the temporary effects that they will have on prices in the meantime" - but that it was a question of "when" they pass, not '"whether" they do.