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☆ Fed's Bowman says she still expects another interest rate hike
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +3 min

U.S. Federal Reserve Governor Michelle Bowman poses at a conference on monetary policy at The Hoover Institution in Palo Alto, California, U.S., May 3, 2019. Earlier this month, the Fed kept its benchmark overnight lending rate unchanged in the 5.25%-5.50% range for the second consecutive policy meeting. However, Bowman has repeatedly been among a small minority of policymakers who have said they don't think the Fed's job is yet done. Likewise, some signs of interest rate insensitivity among businesses could dull the effects of tighter monetary policy and financial conditions on economic activity and inflation, Bowman said, and overall longer-term economic conditions might mean the Fed's policy rate may need to be higher than pre-pandemic norms. Earlier on Tuesday, Fed Governor Christopher Waller said he is "increasingly confident" the central bank's current policy setting will prove enough to return inflation to the Fed's target.

Persons: Michelle Bowman, Ann Saphir, Bowman, Jerome Powell, Christopher Waller, Lindsay Dunsmuir, Paul Simao Organizations: Federal, Hoover Institution, REUTES, Fed, Thomson Locations: Palo Alto , California, U.S, Salt Lake City , Utah

☆ Fed's Bowman says she expects further policy tightening will be needed
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

The Fed last week left its policy rate in the 5.25%-5.50% range, and though Fed Chair Jerome Powell left the door open to another interest-rate hike, he said that recently tighter financial conditions could slow the economy on their own. The 10-year Treasury yield has fallen since then, but at around 4.58% remains about 75 basis points higher than it was in late July, when the Fed last raised the policy rate. The economy has been strong in the face of the Fed's rate hikes so far, she said, though frequent and large data revisions make tracking conditions challenging. Much of Bowman's speech was a rundown of her criticisms of recent Fed regulatory proposals and rule-making on bank capital, community lending requirements, and climate risks. Reporting by Ann Saphir; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: Michelle Bowman, Bowman, Jerome Powell, Ann Saphir, Andrea Ricci Organizations: Federal, Ohio Bankers League, Fed, Treasury, Thomson Locations: U.S

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. U.S. producer prices increased more than expected in September amid higher costs for energy products, but underlying inflation pressures at the factory gate continued to moderate. Yield on the benchmark 10-year notes fell to a roughly two-week low as prices rose on safe-haven flows due to fighting in the Middle East that has persisted for a fifth straight day. Advancing issues outnumbered decliners for a 1.51-to-1 ratio on the NYSE, while declining issues outnumbered advancers for a 1.10-to-1 ratio on the Nasdaq. The S&P index recorded 11 new 52-week highs and seven new lows, while the Nasdaq recorded 38 new highs and 124 new lows.

Persons: Brendan McDermid, Fed's Bowman, Raphael Olszyna, J Safra, Michelle Bowman, Christopher Waller, Birkenstock, Tim Wentworth, Drugmaker Eli Lilly, LLY.N, Novo, decliners, advancers, Shashwat Chauhan, Ankika Biswas, Arun Koyyur, Shounak Organizations: New York Stock Exchange, REUTERS, Fed's Bowman Exxon, Nasdaq, Treasury, Federal, Apple, Microsoft, Nvidia, Fed, Energy, Exxon Mobil, Natural Resources, Dow Jones, Walgreens Boots Alliance, Novo Nordisk's, Baxter International, NYSE, Thomson Locations: New York City, U.S, Middle East, Israel, Gaza, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 11, 2023. ET is expected to show the producer price index for final demand increased 0.3% last month after a 0.7% rise in August, ahead of Thursday's closely watched consumer inflation data. Yields on government bonds have eased from their multi-year highs on dovish remarks from Fed officials earlier this week. Central bank officials such as Fed Governor Christopher Waller, Atlanta Fed President Raphael Bostic and Boston Fed President Susan Collins are also scheduled to speak on Wednesday. Exxon Mobil (XOM.N) lost 1.7% as the oil and gas producer is set to buy shale producer Pioneer Natural Resources (PXD.N) in an all-stock deal valued at $59.5 billion.

Persons: Brendan McDermid, Fed's Bowman, Michelle Bowman, Christopher Waller, Raphael Bostic, Susan Collins, Mark Haefele, Birkenstock, Tim Wentworth, Piper Sandler, Drugmaker Eli Lilly, LLY.N, Novo, Shashwat Chauhan, Ankika Biswas, Arun Koyyur, Shounak Organizations: New York Stock Exchange, REUTERS, Companies, Fed's Bowman Exxon, Futures, Dow, Nasdaq, Treasury, Federal, Labor Department, Atlanta Fed, Boston Fed, UBS Global Wealth Management, Traders, Microsoft, Nvidia, Palestinian, Hamas, Dow e, Walgreens Boots Alliance, Arista Networks, Exxon Mobil, Natural Resources, Novo Nordisk's, Baxter International, Thomson Locations: New York City, U.S, Gaza, Thursday's, Middle East, Israel, Bengaluru

☆ Morning Bid: Fed's dovish shift welcomed; inflation's next
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

Futures pricing suggests traders now see about a 30% chance of another rate hike this year, down from about 45% a week ago. Ahead on Wednesday, the European Central Bank's inflation survey and U.S. producer price data will lead in to U.S. inflation data on Thursday. The S&P 500's retreat on Tuesday from the day's high, closing only 0.5% firmer, also suggests nervousness. Later in the week U.S. corporate earnings season hits full swing, with bank profits set to rise. Overnight markets welcomed Pepsi (PEP.O) promising to keep on lifting prices, which is a good sign for demand but perhaps a warning sign for inflation.

Persons: Jonathan Ernst, Westbrook Stocks, Raphael Bostic, Fed's Bowman, Waller, Collins, Tom Westbrook, Edmund Klamann Organizations: . Federal, REUTERS, Bankers, Atlanta Fed, Pepsi, Exxon Mobil, U.S, Natural Resources, Reuters, Bank, PPI, Thomson Locations: Washington, Nashville, Asia, Finland, Estonia, Marrakech, Morocco, Bostic

Oct 11 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. But Atlanta Fed President Raphael Bostic's remarks, that he believes the Fed has finished raising rates, will help Asian markets pick up on Wednesday from where global markets left off on Tuesday. "I actually don't think we need to increase rates anymore," said Bostic, following the dovish path set by two Fed colleagues on Monday. Minneapolis Fed President Neel Kashkari on Tuesday also struck a similar tone, leading investors to think that the Fed 'pivot' is underway. All else equal this should lower the dollar and U.S. yields, boost risk appetite, and lift Asian and emerging markets.

Persons: Jamie McGeever, Raphael Bostic's, Neel Kashkari, Pierre, Olivier Gourinchas, Fed's Bowman, Waller, Collins, Josie Kao Organizations: Federal Reserve, Investors, IMF, World Bank, Atlanta Fed, Fed, . Minneapolis, Monetary Fund, Hang, Bank, Thomson, Reuters Locations: Morocco, Israel, Gaza, Marrakech, Bostic, Japan

☆ Fed's Bowman says it will likely be appropriate to raise rates again
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +2 min

U.S. Federal Reserve Governor Michelle Bowman gives her first public remarks as a Fed policymaker at an American Bankers Association conference in San Diego, California, U.S., February 11 2019. REUTERS/Ann Saphir/File Photo Acquire Licensing RightsOct 7 (Reuters) - Federal Reserve Governor Michelle Bowman on Saturday repeated her view that inflation continues to be too high despite "considerable" progress in lowering it, and the U.S. central bank will likely need to tighten monetary policy further. "I expect it will likely be appropriate for the (Fed) to raise rates further and hold them at a restrictive level for some time to return inflation to our 2 percent goal in a timely way," Bowman said in prepared remarks to the Connecticut Bankers Association. The comments were largely identical to those Bowman made on Monday about the economic and policy outlook. Bowman, one of the Fed's most hawkish policymakers, said the latest employment report reflected "solid" job growth.

Persons: Michelle Bowman, Ann Saphir, Bowman, Paul Simao Organizations: Federal, American Bankers Association, REUTERS, Connecticut Bankers Association, U.S . Labor Department, Thomson Locations: San Diego , California, U.S

☆ Fed's Bowman: Expects it to be appropriate to raise rates further
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +2 min

U.S. Federal Reserve Governor Michelle Bowman gives her first public remarks as a Fed policymaker at an American Bankers Association conference in San Diego, California, U.S., February 11 2019. Bowman, in prepared remarks to a banking conference, said inflation remains too high and expects progress in lowering it to be slow "given the current level of monetary policy restraint." Bowman again also took issue with a slate of regulatory proposals being considered by the Fed and other U.S. bank overseers. She said regulators seem to be engaging in "heavy-handed" supervision and should consider if such an approach is appropriate. Reporting By Dan Burns and Pete Schroeder; Editing by Anna DriverOur Standards: The Thomson Reuters Trust Principles.

Persons: Michelle Bowman, Ann Saphir, Bowman, Dan Burns, Pete Schroeder, Anna Driver Organizations: Federal, American Bankers Association, REUTERS, Energy, Market, Fed, Thomson Locations: San Diego , California, U.S

Reuters Graphics"There is a reckoning that interest rates are going to be higher for much longer, which has been the bearish element in the precious market. Gold prices could go below $1,800 in the near-term," said Jim Wyckoff, senior analyst at Kitco Metals. The appreciation of the U.S. dollar may not end anytime soon, pressuring the gold market." Traders are pricing in a 55% chance that the Federal Reserve will leave interest rates at the current range of 5.25%-5.50% this year, according to CME's FedWatch tool. Since powering above the key $2,000-per-ounce level in early May, gold prices have fallen more than 11%, or $230, pressured by a sharp rise in benchmark U.S. Treasury yields, which makes the non-yielding gold less attractive.

Persons: Silver, Fed's Bowman, Jim Wyckoff, Michelle Bowman, Tai Wong, Jerome Powell's, Ashitha, Nick Macfie, Christina Fincher Organizations: Reuters, Kitco Metals, U.S, U.S ., Federal Reserve, Treasury, Thomson Locations: New York, Bengaluru

☆ Fed's Bowman says more US rate hikes likely will be needed
▼ + stars: | 2023-08-05 | by ( ) www.reuters.com time to read: +3 min

REUTES/Ann Saphir/File PhotoAug 5 (Reuters) - The U.S. Federal Reserve will likely need to raise interest rates further to bring down inflation, Governor Michelle Bowman said on Saturday. Bowman said she supported the Fed's quarter-point increase in interest rates last month, given still-high inflation, strong consumer spending, a rebound in the housing market and a labor market that is helping to feed higher prices. In forecasts published in June, most Fed policymakers expected to end the year with the Fed policy rate at 5.6%, one quarter-point hike above the setting established at the Fed's late-July meeting. Bowman's use of the plural "rate increases" in her remarks on Saturday indicates she thinks the Fed will need to go higher than that. "I will also be watching for signs of slowing in consumer spending and signs that labor market conditions are loosening."

Persons: Michelle Bowman, Ann Saphir, Bowman, Jerome Powell, Banks, Tom Hogue Organizations: Federal, Hoover Institution, REUTES, U.S . Federal Reserve, Kansas Bankers Association, Market Committee, Labor, Thomson Locations: Palo Alto , California, U.S

☆ Fed's Bowman backs 'targeted' bank rules reform but not 'radical' change
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

"Radical reform of the bank regulatory framework - as opposed to targeted changes to address identified root causes of banking system stress - is incompatible with the fundamental strength of the banking system," she said. During testimony to Congress this week, Barr was repeatedly asked about Bowman's views, which were first laid out in detail last week. He said he welcomed any third-party independent reviews to follow his own review of the failure of Santa Clara, California-based SVB. Barr's review, which was published in late April, found problems in the Fed's own approach to supervision that he said needed fixing. Bowman did not touch on monetary policy or the economic outlook in her prepared remarks.

☆ Fed's Bowman sees potential for interbank digital dollar
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +1 min

April 18 (Reuters) - A so-called "wholesale" central bank digital currency could hold promise for the future settlement of certain financial market transactions and processing international payments, Federal Reserve Governor Michelle Bowman said on Tuesday. While a digital dollar could make sense for interbank transactions, there could be unintended consequences like disruptions to the banking system if the Fed were to design a central bank digital currency that would be directly available to the public, Bowman said in prepared remarks for an event at Georgetown University's Psaros Center for Financial Markets and Policy. The U.S. central bank has not yet said if it would embark on an effort to create a central bank digital currency, and has previously said it would seek authorization from Congress and the executive branch before doing so. Reporting by Ann Saphir and Hannah Lang; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Fed's Bowman says bank failures not indictment of broader regulatory regime
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: 1 min

April 14 (Reuters) - Federal Reserve Governor Michelle Bowman said on Friday that the recent failures of Silicon Valley Bank and Signature Bank were not an indictment of the bank regulatory landscape, although she conceded that some changes may be warranted. In prepared remarks, Bowman said if the Fed identifies gaps in its bank supervision and regulation regime during its review of the failure of SVB, the central bank should address those shortcomings. Fed Vice Chairman for Supervision Michael Barr is leading a review of the Fed’s oversight of SVB, with the results of that review expected to be publicly released by May 1. Reporting by Hannah Lang in WashingtonOur Standards: The Thomson Reuters Trust Principles.

☆ Fed's Bowman says more interest rate hikes needed to tame inflation
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +1 min

Feb 13 (Reuters) - The Federal Reserve will need to continue to raise interest rates in order to get them to a level high enough to bring inflation back down to the central bank's target rate, Fed Governor Michelle Bowman said on Monday. The Fed's benchmark overnight lending rate is currently in the 4.50%-4.75% range. Once at a sufficiently restrictive level, interest rates will then need to be held for "some time" to restore price stability, Bowman said without offering specifics on the rate peak she would like to see. By the Fed's preferred measure, inflation is still running at a 5% annual rate. Bowman also said that a very strong labor market alongside moderating inflation meant a so-called economic 'soft landing' remains possible.

☆ Morning Bid: Is it a bird?
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

Officials declined to say whether it resembled the large white Chinese balloon that was shot down earlier this month, though U.S. Air Force General Glen VanHerck is not ruling out aliens. Markets have kept an eye on the geopolitical mystery, but more focus is on whether U.S. inflation is earthbound or stubbornly hovering. Economists expect Tuesday data to show monthly rates ticked up in January, but the annual measures declined. Revised figures on Friday showed that inflation in December was a little stronger than originally reported, and a closely-watched consumer inflation expectations survey showed a notable spike in the short-term outlook. The BOJ’s YCC faces a reckoningKey developments that could influence markets on Monday:- Fed's Bowman speaks- ECB's Lagarde participates in Eurogroup meetingReporting by Tom Westbrook; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

World markets this week will be dominated by U.S. inflation figures on Tuesday, leaving Monday free for investors in Asia to digest the previous session's action on Wall Street and adjust positioning ahead of the numbers. Indian consumer price inflation for January tops Monday's Asian economic calendar. Revised figures on Friday showed that inflation in December was a little stronger than originally reported, and a closely-watched consumer inflation expectations survey showed a notable spike in the short-term outlook. Tough talking on inflation from Fed officials was matched last week by their peers in Australia, India and Sweden, so the push is global. Sources have told Reuters that 71-year old academic Kazuo Ueda, a former Bank of Japan policy board member has been lined up to replace Haruhiko Kuroda as BOJ governor.

☆ Fed's Bowman says there's 'a lot more work to do' to bring down inflation
▼ + stars: | 2023-01-10 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Federal Reserve Governor Michelle Bowman said Tuesday she expects more interest rate increases ahead, with higher rates to prevail for a while until inflation is subdued. "I am committed to taking further actions to bring inflation back down to our goal," the central bank official said in remarks prepared for a speech in Florida. Policy will be guided by incoming economic data for indications of how Fed policy is impacting growth, she added. Bowman spoke the same day as Fed Chairman Jerome Powell addressed the Fed's Swedish counterpart, the Riksbank. She said she understands that Fed policy could slow the economy and in particular the labor market, but insisted that doing nothing carried higher costs.

☆ Fed's Bowman says critical to address pandemic-related learning loss
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: 1 min

Oct 20 (Reuters) - Pandemic disruptions to learning and education could have detrimental effects on the U.S. workforce and economy going forward, Federal Reserve Governor Michelle Bowman said on Thursday. "Education is the greatest and most effective input into the future of our labor market," Bowman said in remarks prepared for delivery to a U.S. central bank seminar. "In order to have the strongest possible labor force in the future, it is critical to understand and act immediately to address the educational losses experienced during the pandemic." Her prepared remarks did not include any comments on monetary policy or the economic outlook. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ann Saphir; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Fed's Bowman says more big rate hikes on table if inflation will not cool
▼ + stars: | 2022-10-12 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

The policy maker said Fed rate rises this year, which have been very large relative to the pace of past rate rise campaigns, had her full support. Register now for FREE unlimited access to Reuters.com RegisterWhat happens with inflation will determine what is next for the Fed, Bowman said. But if inflation starts to cool, "I believe a slower pace of rate increases would be appropriate," Bowman said. Bowman spoke following the release earlier in the day of meeting minutes from the central bank's late September policy meeting. Then, policy makers raised their overnight target rate by 0.75 percentage point, lifting the federal funds target rate to between 3% and 3.25%.

☆ Fed's Bowman calls for overhaul of approach to evaluating banking competition
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

Sept 28 (Reuters) - The framework used to assess competition in the banking sector needs to be overhauled to ensure there remains a level playing field that supports consumer choice, Federal Reserve Governor Michelle Bowman said on Wednesday. Bowman pointed to several areas of improvement including more systematically including credit unions and nonbank financial firms in all competitive analyses. To fully capture the impact of nonbank financial firms in some product markets, the deposit-market-based thresholds in current bank merger guidelines could be relaxed, Bowman said. The Fed should also review its approach to defining banking markets to ensure it is updated consistently and reflects the changes in how consumers in a community access banking products and services, Bowman noted. Register now for FREE unlimited access to Reuters.com RegisterReporting by Lindsay Dunsmuir; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

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