A senior official at the US central bank said Friday that she doesn't expect any interest rate cuts this year following a recent uptick in inflation.
After easing significantly last year, inflation has accelerated once more since the start of the year, causing concern among Fed officials as they contemplate the right time to start lowering rates. "I've sort of had an even expectation of staying where we are for longer. And that continues to be my base case," added Bowman, who is one of 12 voting members on the Fed's rate-setting Federal Open Market Committee .The median expectation among FOMC members in March was for three rate cuts this year -- although some have since dialed back their forecasts in light of the underwhelming inflation data.