Economy

US Fed governor open to lifting interest rates, to be finalized at FOMC meeting 

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Tue, 2022-02-22 18:18

Federal Reserve Governor Michelle Bowman is open to lifting interest rates by more than the traditional quarter-point if incoming readings on inflation come in too high. 

The Fed is eyeing an increase in rates, as inflation surged to 7.5 percent in January 2022 compared to January 2021. 

“I support raising the federal funds rate at our next meeting in March and, if the economy evolves as I expect, additional rate increases will be appropriate in the coming months,” Bowman told an American Bankers Association Community Banking Conference in California on Feb. 21.

The bank is expected to start lifting interest rates at its March 15-16 Federal Open Market Committee meeting, as most officials have expressed support for a half-point hike, according to an Associated Press report. 

Bowman predicted the possibility of a high price rise in the first half of 2022. However, she noted that price rise could decline in the second half, but inflation may still persist. 

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