Fed's Bowman: Additional hikes will be needed

Federal Reserve Federal Reserve The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary policy, in this case in the US.The Fed is one of the most watched and followed entities for forex traders, given its material impact on the US dollar. Founded initially in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in the The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary policy, in this case in the US.The Fed is one of the most watched and followed entities for forex traders, given its material impact on the US dollar. Founded initially in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in the Read this Term board governor Michelle Bowman opening remarks at a Cleveland Fed conference on "Communities thriving in a challenging economy".

• Additional policy rate increases will be needed to reach sufficiently restrictive level and control inflation
• Inflation still 'unacceptably high' despite drop in the headline number
• Mon pol has some effect on the economy but core inflation has essentially plateaued since the fall of 2022
• Will look for inflation on a 'consistent downward path' in deciding appropriate policy steps at coming meetings
• Full text

She tilts hawkish so it's not a surprise.

Here's the main part of her speech:

Recent research has argued that pandemic-related supply and demand factors, in addition to unusually expansionary fiscal policy, contributed to high inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term. And global and U.S. supply chain disruptions and shipping and logistics challenges drove up prices for a number of goods.² Many of the supply-side issues have now abated, and the FOMC has rapidly increased the federal funds rate to bring demand into better balance with supply. But while headline inflation has declined substantially, it remains far too high. Therefore, I believe there is more work to do to bring inflation down.

I supported the FOMC's decision last week to hold the federal funds rate target range steady and to continue to reduce the Fed's securities holdings; however, I believe that additional policy rate increases will be necessary to bring inflation down to our target over time. Although tighter monetary policy has had some effect on economic activity and inflation to date, we have seen core inflation essentially plateau since the fall of 2022, and I expect that we will need to increase the federal funds rate further to achieve a sufficiently restrictive stance of monetary policy to meaningfully and durably bring inflation down. I will continue to monitor the incoming data and to look for signs that inflation is on a consistent downward path as I consider appropriate monetary policy at future meetings.

She doesn't offer any hints there about how much more tightening is needed.