Bowman favours hiking rates if progress stalls

Still wary: Bowman attends a “Fed Listens” event at the Federal Reserve headquarters in Washington. The governor says her baseline outlook continues to expect that it will need to increase the federal funds rate further to keep policy sufficiently restrictive. — AFP

NEW YORK: Federal Reserve (Fed) governor Michelle Bowman says she expects to support additional tightening of monetary policy to return inflation to the central bank’s goal.

“My baseline economic outlook continues to expect that we will need to increase the federal funds rate further to keep policy sufficiently restrictive to bring inflation down to our 2% target in a timely way,” Bowman said in a speech in Salt Lake City, Utah.