Fed's Bowman says there's 'a lot more work to do' to bring down inflation
Federal Reserve Bank Governor Michelle Bowman gives her first public remarks as a Federal policymaker at an American Bankers Association conference In San Diego, California, February 11 2019. Ann Saphir | Reuters Federal Reserve Governor Michelle Bowman said Tuesday she expects more interest rate increases ahead, with higher rates to prevail for a while until inflation is subdued. "I am committed to taking further actions to bring inflation back down to our goal," the central bank official said in remarks prepared for a speech in Florida. "In recent months, we've seen a decline in some measures of inflation but we have a lot more work to do, so I expect the [Federal Open Market Committee] will continue raising interest rates to tighten monetary policy." The FOMC has increased the Fed's benchmark borrowing rate seven times since March 2022, for a total of 4.25 percentage points. Last week, minutes from the committee's December meeting indicated that...