MNI BRIEF: Fed's Bowman - More Needed to Get on Strong Footing

Federal Reserve Governor Michelle Bowman said Tuesday that while there is positive momentum in the labor market, there is more work to be done to get the economy back on strong footing.

"Despite the encouraging pace of recent hiring, employment is still far below where it was," Bowman said in opening remarks at the Fed's first event in a new series called "Toward an Inclusive Recovery." "I am hopeful that we will continue to build on this recent positive momentum, since there is more work to be done to get the economy back on strong footing, as it was before the public health emergency."

Fed Chair Jerome Powell is scheduled to give a speech at the end of August at the Kansas City Fed's Jackson Hole symposium on "Macroeconomic Policy in an Uneven Economy," but ex-Fed officials say the conference likely comes too early for the Chair to announce a reduction in policy support.