Fed Governor Michelle Bowman, in a speech overnight, noted that her baseline economic outlook anticipates the “need to increase the federal funds rate further”, to bring inflation down to 2% target in a “timely way”.
Bowman also mentioned her willingness to support a rate hike at a future meeting if data suggests that progress on inflation has stalled or is not sufficient.
Yet she added that “monetary policy is not on a preset course,” and she will continue to closely watch the incoming data.
Importantly, Bowman cautioned against “prematurely declaring victory in the fight against inflation”. She stressed the historical lessons and risks associated with such premature actions.
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