U.S. Federal Reserve Governor Michelle Bowman reiterated on Thursday that she is still not ready to support a central bank rate cut with inflation pressures ...
Federal Reserve Governor Michelle Bowman gives her first public remarks as a Fed policymaker at an American Bankers Association conference in San Diego - U.S. Federal Reserve Governor Michelle Bowman reiterated on Thursday that she is still not ready to support a central bank rate cut with inflation pressures still elevated.
The Fed governor’s remarks were largely in line with recent comments she has made on the economic and policy outlook. She spoke as Fed officials are seeking evidence inflation pressures are steadily retreating back to the 2% target. Officials have currently penciled in one quarter percentage point cut for this year, and many in markets think it will happen at the September Federal Open Market Committee meeting.
“There is also the risk that the loosening in financial conditions since late last year, reflecting considerable gains in equity valuations, and additional fiscal stimulus could add momentum to demand, stalling any further progress or even causing inflation to reaccelerate,” she said.Bowman also said in her remarks that a decline in the number of banks in the U.S. was a problem. At the same time, there aren’t enough new banks being created.
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