Federal Reserve Governor Michelle Bowman said Monday that she was open to lifting interest rates by more than the traditional quarter-point at the central bank's next meeting in March.
compared with a year earlier, the biggest increase in four decades.
to an unexpectedly persistent surge in prices, raising the risk that inflation could remain high. But if it raises rates too quickly, the Fed risks choking off growth and hiring.The bank is almost certain to start lifting interest rates at its March 15-16 meeting, with most officials who have expressed views backing a quarter-point increase. However, James Bullard, president of the Federal Reserve Bank of St.
The Fed's rate increases typically push up borrowing costs for consumers and businesses, slowing the economy's growth. Average mortgage ratesBefore joining the Fed's board in 2018, Bowman was the top bank regulator in Kansas and has not been a leading voice on the Fed's interest rate policies. Still, as a Fed governor, she has a permanent vote on interest rates, and three of the seven governor seats are now vacant.
She said higher prices will likely continue for the first half of the year, potentially declining in the second half, “but there is a substantial risk that high inflation could persist.”have slowed the production of goods like cars, furniture, appliances and electronics, even as demand for those items has soared, a key reason for higher inflation.
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