US Federal Governor hints at more interest rate hikes

The US Federal Reserve, headed by Governor Michelle Bowman, has expressed its support for the recent interest rate hike decision taken at the Federal Open Market Committee (FOMC) conference last month. Bowman believes that further rate increases will be necessary to bring inflation down to the FOMC's 2% target. Chairman Jerome Powell has also suggested that monetary policy has not been restrictive enough for long enough to have its full desired effects, and Bowman believes that further rate increases may be necessary to combat the current inflation.