Fed Official Says More Rate Hikes Likely Needed

More rate hikes ‘likely’ needed to lower inflation: Fed official AFP – August 5, 2023 12:24 pm A US central bank official said Saturday that more interest rate hikes “will likely be needed” to bring inflation down further, shortly after policymakers lifted rates to the highest level since 2001. Federal Reserve governor Michelle Bowman’s prepared remarks to an event in Colorado also came after a mixed employment report on Friday showing that hiring in the United States has slowed but wage gains remained robust. Bowman said she supported the policy-setting Federal Open Market Committee’s (FOMC) decision for a rate hike…