Fed's Bowman says she favors hiking rates if progress on inflation stalls

• Says she favors hiking if inflation progress stalls

This sounds hawkish at first but note that it's incrementally dovish because she previously said that rates should rise.

• Inflation remains high, recent progress is uneven
• Baseline outlook is that the Fed will need to increase rates further to keep policy sufficiently restrictive
• Fed should keep in mind risks with prematurely declaring victory on inflation