Fed Governor Bowman says she's still open to raising rates if inflation doesn't improve

Michelle Bowman, governor of the US Federal Reserve, speaks during the Exchequer Club meeting in Washington, DC, US, on Wednesday, Feb. 21, 2024.Federal Reserve Governor Michelle Bowman said Tuesday the time is not right yet to start lowering interest rates, adding she would be open to raising if inflation doesn't pull back.

Recent readings have shown moderating inflation, with the Fed's preferred indicator running just under 3%. However, the rate-setting Federal Open Market Committee noted after its last meeting that there has been only "modest further progress." The Commerce Department on Friday will release its reading on the May personal consumption expenditures price index, the Fed's preferred inflation gauge. Economists surveyed by Dow Jones expect a 12-month inflation rate of 2.6% on both the all-items and core, which excludes food and energy prices.

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