Federal Reserve's Bowman says inflation to remain elevated for 'some time'
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Federal Reserve Governor Michelle Bowman said inflation will likely remain elevated for "some time," but added she still anticipates price gains will eventually cool with interest rates held at current levels. Bowman, the first Fed official to speak since Chair Jerome Powell's remarks Wednesday, said recent inflation data suggest the low readings seen at the end of 2023 appear to have been temporary. "I expect inflation to remain elevated for some time," Bowman said Friday in remarks prepared for the Massachusetts Bankers Association Annual Convention in Key Biscayne, Florida. "My baseline outlook continues to be that inflation will decline further with the policy rate held steady, but I still see a number of upside inflation risks that affect my outlook," she said. Bowman added that monetary policy does appear to be restrictive, though incoming data will determine whether it is sufficiently so to return ...