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MNI: Bowman Supports Steady Fed Stance, Warns of Upside Risks

(MNI) WASHINGTON

Fed Governor expects inflation to remain elevated for some time.

Federal Reserve Governor Michelle Bowman Friday reiterated her preference for keeping interest rates steady to allow restrictive policy to bring inflation down, adding she remains open to raising borrowing costs should data indicate progress on inflation has stalled.

"With average core consumer price index (CPI) inflation this year through April running at an annualized rate of 4.3%, well above average inflation in the second half of last year, I expect inflation to remain elevated for some time," she said in prepared remarks to the Pennsylvania Bankers Association.

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Federal Reserve Governor Michelle Bowman Friday reiterated her preference for keeping interest rates steady to allow restrictive policy to bring inflation down, adding she remains open to raising borrowing costs should data indicate progress on inflation has stalled.

"With average core consumer price index (CPI) inflation this year through April running at an annualized rate of 4.3%, well above average inflation in the second half of last year, I expect inflation to remain elevated for some time," she said in prepared remarks to the Pennsylvania Bankers Association.

Keep reading...Show less