Fed's Bowman (voter) says additional rate hikes are "likely appropriate" if inflation stays high and labour market stays tight. Recent CPI and jobs reports have not provided persistent evidence that inflation is on a downward path

Policy

• Fed policy rate will need to remains sufficiently restrictive for some time.
• Policy is now restrictive, but uncertain if it is sufficiently restrictive to bring down inflation; future rate hikes will look for "consistent evidence" of falling inflation.
• Rate hikes are having desired effects.

Economy

• Inflation is much too high.
• Recent bank failures add to the uncertainty around the economic outlook.