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MNI: Fed's Bowman Wants 'Further Rate Hikes'

(MNI) WASHINGTON

Progress on inflation is likely to be slow given the current level of monetary policy restraint, Fed Governor Michelle Bowman says.

Federal Reserve Governor Michelle Bowman on Friday called for "further rate hikes" to bring inflation back to target, citing too-high inflation and risk that rising energy prices could reverse past progress.

A majority of FOMC members penciled in one more hike for the year in the Summary of Economic Projections released Wednesday, but opinions are split over where the fed funds rate will settle at the end of 2024. Next year's dots range from 4.4% to 6.1% with a median of 5.1%, compared to just below 5.5% now.

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Federal Reserve Governor Michelle Bowman on Friday called for "further rate hikes" to bring inflation back to target, citing too-high inflation and risk that rising energy prices could reverse past progress.

A majority of FOMC members penciled in one more hike for the year in the Summary of Economic Projections released Wednesday, but opinions are split over where the fed funds rate will settle at the end of 2024. Next year's dots range from 4.4% to 6.1% with a median of 5.1%, compared to just below 5.5% now.

Keep reading...Show less