Sat. Dec 10th, 2022

Federal Reserve Monetary Institution Governor Michelle Bowman delivers her first public remarks as a federal lawmaker at an American Bankers Association convention in San Diego, California, on February 11, 2019.

Ana Saphir | Reuters

Federal Reserve Governor Michelle Bowman said Saturday that she supports the central bank’s massive new energy payment increases and believes they are likely to continue until inflation is brought under control.

The Federal Reserve, at its last two policy meetings, raised benchmark lending rates by 0.75 percent, the highest increase since 1994. Those moves were aimed at bringing inflation down to its most natural level in more 40 years old.

In addition to the increases, the payment environment Federal Open Market Committee said “continued increases … will be acceptable,” a comment Bowman said he supports.

“My jaw drop is that increases of the same size should be on the table until we see inflation declining steadily, essentially and lastingly,” he added in remarks prepared in Colorado for the Kansas Bankers Association.

Bowman’s comments are the predominant ones by a member of the Board of Governors since the FOMC last week published basically the most recent payment extension. Right at the close of last week, only a few regional presidents have said they too predict rates will continue to rise aggressively until inflation falls from its new annual rate of 9.1%.

After Friday’s jobs story, which showed a 528,000 job addition in July and workers’ pay rising 5.2% over 365 days…

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