August 08, 2022 - 01:10 PM 460 views
US Federal Reserve (Fed) Governor Michelle Bowman stated that she firmly supports extremely large rate rises to combat inflation in a speech before the Kansas Bankers Association on Saturday, according to the Wall Street Journal (WSJ).
Strongly backed last month's 0.75 percentage point rate hike by the Fed and said that "similarly sized hikes should be considered going forward until we see inflation decreasing in a regular, significant, and long-term manner.”
In addition, the "current projection predicts economic growth picking up over the second half of the year," thus "expect the labour market to continue strong."
The main issue we have is bringing inflation under control.
Recently recorded inflation is "concerningly high."
There are "few, if any, tangible signs" that suggest that inflation has reached its peak.
Before I factor an ease in inflation pressures into my prognosis, I will need to see clear evidence of this drop.
The Market Reaction
The US dollar index is currently stabilizing near 106.60 ahead of the next push upward, having fallen from its weekly highs.
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