Noting a number of potential upside risks to inflation, Bowman said policymakers need to be careful not to ease policy too quickly.
"Reducing our policy rate too soon or too quickly could result in a rebound in inflation, requiring further future policy rate increases to return inflation to 2 percent over the longer run."
The speech, to the Shadow Open Market Committee, comes with markets on edge about the near-term future of Fed policy.
Weighing inflation risks, she said that supply-side improvements that helped bring numbers down this year may not have the same impact going forward.
Fed officials will get their next look at inflation data Wednesday, when the Labor Department releases the March consumer price index report.
Persons:
Michelle Bowman, Bowman, Jerome Powell, Raphael Bostic, Neel Kashkari
Organizations:
Federal, of Governors, Market, Committee, Atlanta Fed, CNBC, Minneapolis Fed, Fed, Labor Department
Locations:
New York