Fed's Bowman: inflation will decline with policy rate held steady
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FILE PHOTO: An eagle tops the U.S. Federal Reserve building's facade in Washington, July 31, 2013. REUTERS/Jonathan Ernst/File Photo
(Reuters) - U.S. Federal Reserve Governor Michelle Bowman on Wednesday reiterated her baseline view that "inflation will decline further with the policy rate held steady," and that rate cuts will "eventually" be appropriate if inflation does move sustainably toward 2%.
Her prepared remarks Wednesday to the ISDA board of directors omitted any reference to how long rates may need to stay where they are, a slight departure from Tuesday when she said rates would need to stay in their current range "for some time."
Otherwise, the remarks were largely identical as she laid out a cautious approach and a willingness to raise borrowing costs further if inflation progress stalls.
(Reporting by Ann Saphir, editing by Deepa Babington)
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