The US Federal Reserve needs to raise interest rates again to combat high inflation, according to Fed governor Michelle Bowman. The central bank last week ended a year-long campaign to tighten monetary policy after raising interest rates 10 times, leaving its benchmark lending rate at 5-5.25%. Bowman, a voting member of the Fed's rate-setting committee, said its current tight monetary policy had some effect but inflation remained "far too high". She expects a "sufficiently restrictive" policy would require higher interest rates. A large majority of Federal Open Market Committee members believe two more hikes are needed this year.
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