Fed’s Bowman Says More Interest Rate Hikes Needed to Tame Inflation

U.S. Federal Reserve Governor Michelle Bowman gives her first public remarks as a Fed policymaker at an American Bankers Association conference in San Diego on Feb. 11, 2019. Ann Saphir/Reuters

The Federal Reserve will need to continue to raise interest rates in order to get them to a level high enough to bring inflation back down to the central bank’s target rate, Fed Governor Michelle Bowman said on Monday.

“I expect we'll continue to increase the federal funds rate because we have to bring inflation back down to our 2 percent goal and in order to do that we need to bring demand and supply into better balance,” Bowman said during an American Bankers Association conference in Florida.