Fed's Bowman: Additional rate hikes needed to control inflation

"Additional policy rate increases" will be to reach a sufficiently restrictive level and control inflation, Federal Reserve (Fed) Governor Michelle Bowman said on Thursday, per Reuters.

Bowman noted that inflation is still unacceptably high, despite the recent drop seen in headline numbers. 

"Although tighter monetary policy has had some effect on economic activity and inflation to date, we have seen core inflation essentially plateau since the fall of 2022," she added.

Market reaction

The US Dollar Index clings to small daily gains near 102.20 following these comments.