Fed governor: Additional rate hikes expected

Additional increases in the federal funds rate will likely be needed to lower inflation to the Federal Reserve’s 2% goal, Fed Governor Michelle Bowman said in two speeches on Friday and Monday.

Speaking at events in Colorado and Georgia, Bowman noted inflation has cooled since last year’s high but remains elevated. Consumer spending is robust, and demand for workers continues to exceed the supply of available job seekers, putting upward pressure on prices, she said.