"Federal Reserve Official Foresees More Rate Hikes to Tackle Inflation"

Federal Reserve Governor Michelle Bowman stated that additional rate hikes will likely be necessary to bring down inflation and reach the Fed's 2% target. She cited strong consumer spending, a rebound in the housing market, and a tight labor market as factors contributing to higher prices. Bowman emphasized that monetary policy is not predetermined and will be driven by incoming data. She also expressed the need for consistent evidence of inflation trending downward and will monitor signs of slowing consumer spending and loosening labor market conditions.