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Yahoo Finance Fed reporter Jennifer Schonberger breaks down Federal Reserve Gov. Michelle Bowman’s comments on inflation, rate hikes, unemployment, April’s CPI, and recent bank failures.
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Federal Reserve Governor Michelle Bowman recently spoke about the US central bank’s plan for monetary policy amid ongoing concerns surrounding elevated inflation levels. She also outlined potential risks to the banking system that could come as a result.

Bowman noted that the economy has made “tremendous strides” over the last year, but said that the threat of inflation remains a cause for concern. She believes that inflation will remain elevated for the short-term, and that the Fed will need to continue raising interest rates to combat the problem.

“We’ve seen a lot of inflationary pressure in everything from used cars to energy to food. And I think some of that is transitory, but some of it is more persistent,” she said. “So we’ll continue to use our tools to try to ensure inflation comes back to our long-term goals.”

In terms of the banking system, Bowman said that the Fed is keeping an eye on several potential risks, including climate change and the rise of alternative payment systems like cryptocurrencies.

“We need to be thinking ahead and trying to understand how climate risks might affect financial institutions, and what tools we have to mitigate those risks,” she said. “We’re also watching the growth of fintech and other alternative payment systems, and trying to understand how that might impact the stability of the financial system as a whole.”

Bowman’s remarks reflect the Fed’s continued focus on inflation and risk management as the US economy slowly returns to pre-pandemic levels. The central bank has already raised interest rates twice this year, and it appears that more hikes may be on the horizon.