Bowman, Opening Remarks
- Speech by: Michelle W. Bowman, Member of the Board of Governors of the Federal Reserve System
- Date: January 10, 2023
- Event: “Monetary Policy in a High-Inflation Environment”
- Location: The Economic Club of New York
Summary:
Member Bowman’s opening remarks focused on the following key points:
- The Federal Reserve is committed to bringing inflation back down to its 2% target.
- The Committee will need to continue raising interest rates to bring demand into better balance with supply.
- The pace of rate increases will depend on economic data.
- Monetary policy takes time to affect the economy.
Bowman’s remarks emphasized the following:
- The Fed’s policy actions have already begun to cool demand.
- The labor market remains strong, but there are signs that wage growth is moderating.
- Inflation is still too high, but there are signs that it is beginning to decline.
- The Fed will continue to monitor economic data and adjust its policy stance as needed.
Conclusion:
Member Bowman’s opening remarks provide a clear and concise overview of the Federal Reserve’s current monetary policy stance. She emphasized the Fed’s commitment to bringing inflation back down to its 2% target and discussed the factors that will influence the pace of future rate increases.
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