Federal Reserve Vice Chair for Supervision Michelle Bowman said on Oct. 2 that she does not currently see an urgent need for additional policy action and does not believe another interest-rate adjustment is necessary this year. Bowman said Fed officials should take more time to assess current economic trends and evaluate the effect of the September rate hike on the broader economy before deciding whether any further policy move is warranted. She also said inflation remains above the central bank’s target and that policymakers need a better understanding of where the trend is heading. The remarks point to a wait-and-see stance, with Bowman signaling that more observation is needed before any next step on rates is considered.
Federal Reserve Vice Chair for Supervision Michelle Bowman said on Oct. 2 that she does not see an urgent need for further action at this point and that no additional interest-rate adjustment is necessary this year.
Bowman said Federal Reserve officials should spend some time assessing current economic trends and the impact of the September rate hike on the economy before deciding whether to make any further policy changes.
She added: "Inflation remains above our target. What we need is a better understanding of the trend."
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