Supply-chain improvements and a surge in labour supply from immigration, both of which helped push down inflation last year, are unlikely to continue, the U.S. Federal Reserve Governor said
U.S. Federal Reserve Governor Michelle Bowman on Tuesday reiterated her view that holding the policy rate steady “for some time” will likely be enough to bring inflation under control, but also repeated her willingness to raise borrowing costs if needed.
Supply-chain improvements and a surge in labour supply from immigration, both of which helped push down inflation last year, are unlikely to continue, she said. Regional conflicts could put upward pressure on energy and food prices; looser financial conditions or fiscal stimulus could stoke inflation as well, she said.
“Should the incoming data indicate that inflation is moving sustainably toward our 2 per cent goal, it will eventually become appropriate to gradually lower the federal funds rate to prevent monetary policy from becoming overly restrictive,” she said.
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