Federal Reserve Governor Michelle Bowman says she's open to lifting interest rates by more than the traditional quarter-point at the central bank’s next meeting in March.
The Federal Reserve signaled Wednesday that it plans to begin raising its benchmark interest rate as soon as March, a key step in reversing its pandemic-era low-rate policies that have fueled hiring and growth but also escalated inflation.Federal Reserve Governor Michelle Bowman said Monday that she was open to lifting interest rates by more than the traditional quarter-point at the central bank's next meeting in March.
Bowman said in prepared remarks to an American Bankers Association Conference in Palm Desert, California, that she supported lifting rates next month and that "if the economy evolves as I expect, additional rate increases will be appropriate in the coming months." Before joining the Fed's board in 2018, Bowman was the top bank regulator in Kansas and has not been a leading voice on the Fed's interest rate policies. Still, as a Fed governor, she has a permanent vote on interest rates, and three of the seven governor seats are now vacant.There are three factors that could lead to inflation which include demand-pull inflation, cost-push inflation and built-in inflation.
John Williams, president of the New York Fed, said Friday that he did not "see any compelling argument to take a big step at the beginning" of rate hikes, indicating he supports a quarter-point boost next month.
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