Fed's Bowman believes there's "a lot more work" to lower inflation.

By The Exchange Team

Tuesday, Federal Reserve Governor Michelle Bowman predicted more interest rate hikes until inflation is under control.

“I am determined to take further efforts to bring inflation back down to our goal,” the central bank chief said.

"We've seen a drop in several indicators of inflation in recent months, but we still have a lot of work to do."

"So, I anticipate that the [Federal Open Market Committee] will continue to raise interest rates in order to tighten monetary policy."

Since March 2022, the FOMC has raised the benchmark borrowing rate by 4.25 percentage points seven times.

The committee's December meeting minutes showed that most members favored more raises in '23, likely pushing the fed funds rate over 5%.

“Compelling signals that inflation has peaked and for more consistent indications that inflation is on a lower path,” Bowman said, echoing the meeting's agreement.