Federal Reserve Governor Open to Rate Hikes If Inflation Persists

Published on June 25, 2024

Federal Reserve Gov. Michelle Bowman said at a London event on June 25 that she is prepared to raise interest rates if inflation pressures persist. Speaking to the British conservative think tank Policy Exchange, Ms. Bowman conceded that she would be willing to increase the benchmark federal funds rate “should progress on inflation stall or even reserve.” “Given the risks and uncertainties regarding my economic outlook, I will remain cautious in my approach to considering future changes in the stance of policy,” the Fed official noted. The policy rate range presently stands at a 23-year high of 5.25 percent and 5.5 percent. While it would eventually become appropriate to pull the trigger on a rate cut if inflation is shifting sustainably toward the central bank’s 2 percent target, she does not believe the time has come....

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