The U.S. Federal Reserve will probably need to raise interest rates further if inflation stays high, Fed Governor Michelle Bowman said on Friday, adding that key data so far this month has not convinced her that price pressures are receding.
"Should inflation remain high and the labor market remain tight, additional monetary policy tightening will likely be appropriate to attain a sufficiently restrictive stance of monetary policy to lower inflation over time," Bowman said in remarks prepared for delivery at the European Central Bank in Frankfurt, Germany that mostly focused on the.
Since then the economic data has been mixed, with a Labor Department report last week showing U.S. employers added a whopping quarter-million jobs last month and the unemployment rate edged down to 3.4%. But in her remarks Friday, Bowman said neither the jobs report nor the inflation report provided the "consistent evidence" of falling inflation that she is looking for as she considers whether interest rates are high enough.
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