Michelle Bowman
Fed Gov. Bowman is speaking and says:
- Monitoring data to assess policy is sufficiently restrictive.
- Baseline Outlook that inflation will decline further with policy rate steady but sees risks.
- Remain cautious in rate change decisions, willing to hike if inflation progress stalls or reverses.
- Inflation to remain elevated for some time.
- We have not yet seen further progress on inflation this year.
- Inflation's decline in latter half of last year was temporary.
- US economic activity may have moderated but consumer services spending strong, business investment strengthened.
- Progress on labor market rebalancing has slowed.
- Focusing on issues like climate change could distract bank management and supervisors.
Fed Gov. Bowman is a permanent voting member on the Federal Reserve Board. Her comments are more hawkish.
US yields are trading at at session highs:
- 2-year yield 4.818%, +2.7 basis points
- 5-year yield 4.436%, +3.7 basis points
- 10 year yield 4.414%, +3.7 basis points
- 30-year yield 4.552%, +3.5 basis points
both the S&P and NASDAQ index are now in negative territory. The S&P is down -5.0 points or -0.11%. The NASDAQ index is down -21 points or -0.13%