6/23, 3:29 PM (Source: TeleTrader)
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Fed's Bowman: Inflation likely to increase further

Federal Reserve member of the Board of Governors Michelle Bowman stated on Wednesday that the risen inflation is likely to grow further and will take "some time" to ease back. She pointed out that once supply chain bottlenecks are resolved, the price pressures will decrease.

"Economic output has likely surpassed its pre-pandemic peak, but even with this progress, there are over 10 million people still without jobs who are either actively looking for employment or have since left the labor force," Bowman said, adding that since February 2020 the leisure and hospitality industries lost 3 million jobs.

In her opening remarks, Bowman did not bring up the subject of slowing asset purchasing, instead, she noted that the Fed is committed to economic recovery and will use its monetary policy tools and supervisory responsibilities accordingly.

Breaking the News / LH