Fed's Bowman: Policy rate will need to remain sufficiently restrictive for some time

Federal Reserve (Fed) Governor Michelle Bowman said Friday, “policy rate will need to remain sufficiently restrictive for some time.”

Additional quotes

Additional rate hikes 'likely appropriate' if inflation stays high, labor market stays tight.

Policy is now restrictive but uncertain if it is sufficiently restrictive to bring down inflation.

Inflation is still much too high.

Policy action is not on a pre-set course.

Recent data have not provided consistent evidence that inflation is on a downward path.

Market reaction

The US Dollar Index is trading almost unchanged on the day at 102.07, having caught a fresh bid on the above comments.