Stocks’ rally falters as consumer confidence falls to 6-month low

Federal Reserve Governor Michelle Bowman said Friday that she thinks interest rates should stay the same “for a little while longer.”

“It is critical that we maintain credibility in continuing our fight against inflation by carefully and deliberately moving forward to achieve our 2% target,” Bowman said while speaking in Arlington, Texas.

“I think we need to be where we are for a little longer,” she added. “And if we don’t see progress on inflation, I think we really need to think about what we need to do from now on.”

The comments echo similar sentiments from other Fed officials in recent weeks that interest rates are likely to remain where they are until more data shows inflation is safely on its way toward the Fed’s 2% inflation target.

The central bank kept interest rates unchanged last week but warned that inflation was still too high to lower.

in it statement“Inflation has eased over the past year but remains high,” members say. “In recent months, there has been a lack of further progress towards the committee’s 2 per cent inflation target.”

US Federal Reserve Governor Michelle Bowman attends a meeting

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