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Fed’s Bowman Says More Rate Hikes Needed to Curb Inflation

Wednesday, January 11, 2023
Fed’s Bowman Says More Rate Hikes Needed to Curb Inflation

(Bloomberg) -- Federal Reserve Governor Michelle Bowman said the central bank has more work to do to curb inflation, noting that further interest-rate increases are needed and officials should hold them at restrictive levels for some time to stabilize prices.

“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 FOMC will continue raising interest rates to tighten monetary policy, as we stated after our December meeting,” Bowman said Tuesday in prepared remarks for an event in Miami with the Florida Bankers Association.

Policymakers are driving home the message that they aren’t done tightening policy as they work to squash inflation that rose to a four-decade high last year. Officials unanimously approved a half-point hike in December, bringing the target on their benchmark rate to a range of 4.25% to 4.5%.

Fresh economic projections released at the meeting showed that 17 out of 19 Fed officials see rates rising above 5% this year. No policymakers expect to cut interest rates in 2023. Officials will next meet on Jan. 31-Feb. 1.

Bowman said the scale of future rate moves and the point at which officials stop hiking will be determined by what happens with inflation, adding that she wants to see “compelling signs that inflation has peaked” and is looking for “consistent” evidence that it is on a downward path.

The Fed governor is the latest official to make it clear that policymakers expect to hold interest rates at higher levels for a while, allowing time for their aggressive increases to work their way through the economy, slowing growth and creating better balance between supply and demand. She said it is likely the labor market will weaken as inflation comes down.

“I expect that once we achieve a sufficiently restrictive federal funds rate, it will need to remain at that level for some time in order to restore price stability, which will in turn help to create conditions that support a sustainably strong labor market,” she said.

©2023 Bloomberg L.P.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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