Fed Officials Signal No Rate Cuts in 2024 Despite Inflation Concerns

Federal Reserve Governor Michelle Bowman emphasizes maintaining high interest rates to curb inflation, with potential for further hikes if necessary.

Bowman warns of persistent inflation risks and the need for a cautious approach to monetary policy.
Recent economic data shows modest progress on inflation, but not enough to warrant rate cuts.
Bowman highlights potential pressures from supply chain normalization, immigration, and geopolitical developments.
Other Fed officials echo Bowman's sentiment, stressing the importance of achieving the 2% inflation target.
Market reactions include skepticism about the likelihood of rate cuts this year, with some expecting further tightening.